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China’s biggest internet company, Tencent, is experimenting with NFT profile picture avatars and a virtual room called Music Zone on its QQ music platform. Though cryptocurrency trading is prohibited in China, the Chinese government and its largest technology company appear confident in the future of NFTs.
The NFT PFPs are cartoon characters built on Tencent’s Zhixin Chain blockchain, inspired by artist sartoshi’s collection, Mfers — a popular collection in China of over 10,000 stick figure NFTs. The 40,000 NFTs will drop on Wednesday, July 6. Each PFP will cost around $0.13. Beginning Monday, Android users could test the NFT PFP function before the official sale on Wednesday. The collectibles were also tested on Tencent’s QQ music app.
QQ Music is one of Tencent’s freemium music streaming apps. Last year, the music app ranked as the 2nd best in China with 275 million monthly users. Tencent also began testing a virtual music room that enables users to connect with friends and listen to the virtual room’s music.
On Monday, China’s largest tech firms, Tencent, Ant Group, and Alibaba, joined an industry pledge to ban cryptocurrencies through the “self-discipline initiative,” which agrees to enforce authentication for NFT buyers and eliminate secondary NFT marketplaces.
“Different from most foreign platforms that apply NFT technology as financial products, domestic digital collections are more regarded as the category of digital cultural creativity,” the China Cultural Industry Association stated.
Although the agreement is not legally binding, it doesn’t mention the re-sale of NFTs. As a result, almost every Chinese tech giant has launched its own digital collectible marketplaces built on private blockchains that only accept payment in national currency yuan and prohibit secondary trading.
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