Everything about China's Innovation
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. More than 20 items have been supported so far, and the platform says more will follow.
Specifically, the real objects that can be customized are T-shirts and decorative paintings. Users only need to find a digital collection with the mark of “entity customization” in the app, then choose the material and size of the frame. The production process takes one to three days. According to the page description, more customization categories and gameplay will be unveiled.
This function requires users to make an extra payment besides buying a digital collection. Creative products issued by Jingtan are mostly less than 100 yuan ($14.4), while the price of a customized decorative painting with a 40cm aluminum alloy frame is 118 yuan.
In terms of T-shirts, users can choose whether to display the unique blockchain hash value of the digital collection, which also means that the physical goods launched by Jingtan are rare and unique derivatives of digital collection in the real world.
Previously, Jingtan and Hangzhou-based silk producer Wensli piloted this function, which led to an increase in the latter’s online customized product sales.
SEE ALSO: Ant Group’s Digital Collectible Platform Punishes Users for Private Trading
Since the entry of NFTs into China, where they are known as “digital collections,” their marginal effect has become lower and lower due to domestic restrictions on their financial attributes. For distributing platforms, how to attract users and maintain long-term vitality is a difficult barrier to break through without opening up free trade. Tencent has already opted to shut down its digital collection platform Huanhe, while Ant Group has chosen to keep digging.
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.
News emerged on July 20 that Huanhe, a digital collection trading platform owned by Chinese tech giant Tencent, will be abolished this week.
This week: Tencent halts sales on its NFT platform Huanhe amid regulatory scrutiny, Huobi founder to sell majority stake in the exchange at a $3 billion valuation, China shuts down 12,000 crypto-related social media accounts, and more.
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.
Pandaily is a tech media based in Beijing. Our mission is to deliver premium content and contextual insights on China’s technology scene to the worldwide tech community.
The automated manchine translation of regional languages is powered by NiuTrans.
We also support Hindi language, do you want change to it?
हम यह भी हिन्दी भाषा का समर्थन है, आप इसे करने के लिए परिवर्तन करना चाहते हैं?
We also support Punjabi language, do you want change to it?
ਸਾਨੂੰ ਇਹ ਵੀ ਪੰਜਾਬੀ ਭਾਸ਼ਾ ਨੂੰ ਸਹਿਯੋਗ ਹੈ, ਤੁਹਾਨੂੰ ਇਸ ਨੂੰ ਕਰਨ ਲਈ ਤਬਦੀਲੀ ਚਾਹੁੰਦੇ ਹੋ?
We also support Bengali language, do you want change to it?
আমরা বাংলা ভাষা সমর্থন, আপনি এটি পরিবর্তন করতে চান?
We also support Burmese language, do you want change to it?
We also support Nepali language, do you want change to it?
हामी पनि नेपाली भाषा समर्थन, तपाईं यसलाई परिवर्तन गर्न चाहनुहुन्छ?
We also support Tagalog language, do you want change to it?
Sinusuportahan din namin ang Tagalog wika, ang gusto mong pagbabago dito?
We also support Malay language, do you want change to it?
Kami juga menyokong bahasa Melayu, adakah anda mahu perubahan kepadanya?
We also support Indonesian language, do you want change to it?
Kami juga mendukung bahasa Indonesia, apakah Anda ingin perubahan untuk itu?
We also support Thai language, do you want change to it?