Even though authorities have previously criticized the non-fungible token (NFT) market for its hype and speculative behavior by investors, People.cn, the online arm of the Communist Party of China’s party newspaper People’s Daily, launched a “digital collectibles” NFT gallery on Tuesday and hinted that it might launch artwork trading.
After Chinese official media began criticising the international market frenzy over NFTs, corporations in China began using the word “digital collectibles” to avoid having to pronounce “NFTs.”
The Lingjing People’s Art Museum, which is hosted by People.cn, will provide artwork services such as copyright protection, digital publishing, artwork digitalization, and blockchain certification, according to a press release.
According to the press release, the digital collection gallery
“will investigate new forms of art transactions and open up new channels for artworks to market”
as a further step, and “will open up new channels for artworks to market.”
On the gallery’s homepage, you may see traditional Chinese artworks. Of course, by well-known artists, yet there are no price tags or buy buttons.
In response to Beijing’s warnings against NFT trading, Chinese internet giants have committed to fight digital collectable speculation. Of course, with Alibaba’s blockchain subsidiary AntChain imposing a 180-day waiting period. That’s, before an NFT buyer can resale an NFT to prevent “malicious hype.”