Since October, nearly 20 small and medium-sized digital collection platforms in China have issued announcements regarding scale-backs and liquidations, citing industry risks, low growth rates, stagnated development and other reasons.
Music streaming service provider Tencent Music Entertainment (TME) shut down its digital collection business and has transferred some team members to other departments.
Due to the indirect shareholding of Wang Sicong, a Chinese businessman and the only son of prominent real estate magnate Wang Jianlin, MintTown has become one of the most popular digital collection platforms in China.
Chinese artist Huang Yuxing’s Meta-morphic genesis NFT collection serves to share more closely his thought process and the power of his art. The collection is fully supported by LiveArt.
On September 7, 2022, LiveArt announced its launch of "Meta-morphic," a genesis Generative Art, multi-chapter NFT collection from Huang Yuxing, a world-renowned contemporary artist.
The digital collection platform owned by Tencent Music Entertainment Group is currently in a state of near shutdown. The company said that the digital collection plate is still in the evaluation and planning stage, and subsequent moves will be unveiled in the future.
Huang Yuxing is one of the most sought-after contemporary artists. The "Meta-morphic" NFT collection, launched by Huang Yuxing and LiveArt, was born from the influence of natural philosophy on his art.
So far, a recorded 26 A-share listed companies in China have become involved in digital collections, the country's version of NFTs. Among these firms, only three have announced the revenue related to this innovative business.
On September 8, fintech giant Ant Group's digital collection platform Jingtan officially launched an "entity customization" function, allowing users to customize some digital collections into derivative objects.
Ever since Huanhe, a digital collection platform owned by Tencent, stopped distribution on August 16, Tencent Music Entertainment's digital collection platform has also attracted users' attention. Some have demanded a refund like Huanhe.
On August 16, Huanhe, a digital collection platform under Tencent, announced that it had stopped the distribution of digital collections, as the company turns to focus on core strategies.
NetEase Media officially announced on August 5 its launch of the "NetEase News Digital Collection Museum," supported by its self-developed alliance chain "Yiwen Chain."
Chinese tech giants, startups, and regulators appear set to play a critical role in the internet’s coming Web3 metamorphosis.
Chinese video streaming platform Bilibili and one of its popular content uploaders jointly launched a series of customized digital collections on July 21, with a limited distribution of 5,000 copies.
News emerged on July 20 that Huanhe, a digital collection trading platform owned by Chinese tech giant Tencent, will be abolished this week.
Tencent News will suspend the sales service of digital collections from July 1, 2022, due to the adjustment and transformation of the company's business model.
On July 13, the HASHII encrypted digital print was jointly released by Inmyshow Digital, a new media marketing company, and Skyworth, a television manufacturer.
Since the bankruptcy and liquidation of Terra/LUNA, stETH, and 3AC, the transaction volume of the world's NFT market has shown a downward trend. Meanwhile, China, on the other side of the ocean, is leading the digital collection market.