Ant Group’s Digital Collectible Platform Punishes Users for Private Trading

On Tuesday, “Jingtan”, a digital collectible platform owned by Ant Group, announced that 56 users who had made illegal transactions outside the platform were restricted from using specific functions.

Jingtan expressed their firm opposition to any form of resale of digital collectibles, saying that resale often has fraud risks and easily leads to speculation, which is contrary to the positioning of digital collectibles.

But one of the biggest problems encountered by NFTs in China is how to shield financial attributes. At present, the concept of an NFT has been transformed into digital collectibles in China, emphasizing that it is a specific virtual product identified by blockchain technology. At the same time, digital collection services launched by domestic giants have blocked the trading of those collectibles.

Ant Group’s “Jingtan” has chosen to open another function called “transfer”, which stipulates that users who hold the digital collection for more than 180 days can transfer it to users who are residents of the Chinese mainland and are older than 14 years of age. If the recipient wants to transfer the digital collection again, he/she needs to hold the product for two years.

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It has been more than 180 days since the digital collection of Ant Chain was launched, having started operations in June of last year. Some of the earliest digital collections have met the transfer conditions but the 56 users mentioned in today’s announcement will be restricted from the transfer function.

On January 26th, “Jingtan” has announced that hundreds of users had been punished for snapping up digital collections by means of plug-ins and scripts.