Bilibili, a Chinese company that specializes in video streaming and mobile gaming, has recently released a new app for its blockchain platform called Upowerchain. This app enables users to view digital collections, search for on-chain addresses and access asset information.
The app allows users to manage their on-chain assets and serves as an entry point to Upowerchain. However, it does not support transfer functionality, which is in line with the majority of domestic alliance chain wallets available at present.
To circumvent the inability to trade domestic digital collectibles on a secondary market, companies have resorted to using a “gifting” transaction function. Bilibili‘s digital collectibles can currently be gifted once they have been held for 30 days and require real-name authentication. The new app includes a notification feature for gifting.
The Upowerchain app is developed by Shanghai Donghun Technology, a company under the control of Bilibili. According to Bilibili, Upowerchain is designed for new applications, culture, games and digital assets. It will also support community governance in the future.
In the field of digital collectibles in China, in January 2022, Bilibili offered a limited edition digital collectible called “Gede” for sale to level-6 users who had logged into the app every day throughout 2021. Additionally, Bilibili distributed free “Yinhu” digital collectibles to users who participated in this activity.
Bilibili has authorized CryptoNatty to issue the “Cheers UP” series of NFTs, representing Bilibili‘s community culture, for buyers outside of China. These NFTs are directly issued on Ethereum and can be freely traded. The total trading volume for this collection has already exceeded $2 million. Additionally, “Cheers UP” has gained over 60,000 followers on Twitter.