China’s Tech Giants want to go with NFTs, not with Crypto
Tencent, JD and Alibaba admitted that they will go with full NFTs projects but never touch Crypto.
The whole world knows very well about China, how it banned crypto-based related activities from the China ecosystem. But currently, active activities by the tech companies in the blockchain-based work indicate that China is eager with blockchain adoption but they don’t want any kind of blockchain-based crypto assets, even for crypto trading purposes.
Recently a report was covered by the China state media about the initiative of the top tech giants companies Tencent, JD and Alibaba current status in blockchain-based NFTs marketplace activities.
According to the report, these companies will follow a self-regulatory framework by keeping them away from crypto assets directly & indirectly to comply with the regulatory guidelines of the Chinese authorities against crypto.
It is worth noting, all these companies are actively working to expand their ecosystem with the NFTs marketplace, which is a popular concept of the crypto industry to utilize the crypto assets.
As we know, NFTs are Digital collectibles and also these can be music or digital items like photo art and their value will depend upon the seller.
In the last few months, Chinese authorities claimed that the crypto ban was part of the varying value of crypto assets. But here Chinese authorities are not giving any negative statements against the NFTs marketplace, where NFTs contents may have different values from time to time.
Earlier this month, Alibaba and Tencent companies decided to change the name of NFTs with “virtual collectibles” to keep the marketplace away from the name of the crypto industry. That means these companies are trying their best to keep their NFTs marketplace based work away from the crypto industry in every way.
In order to follow the commitment, Tencent, JD and Alibaba signed the “Digital Culture and Creative Industries Self-Regulation Convention” agreement to expand their business without the involvement of crypto.
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