China’s Communist Youth League the latest state-backed group to embrace NFTs, with tokens marking its centennial

Featuring the league’s official mascot, the 54,000 NFTs were taken within an hour but like other digital collectibles in China, are not allowed to be traded

Separately, Peking University issued 20,000 digital collectibles in the form of alumni cards to commemorate May 4 as well as the school’s 124th anniversary

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Students from Peking University recite the joining oath of the Communist Youth League in Beijing. Photo: China Daily

Published: 1:00pm, 5 May 2022

China’s Communist Youth League, a cradle for generations of Communist Party leaders, has embraced NFTs to mark its 100th anniversary.

On Wednesday, the organisation issued 54,000 of the centenary NFTs for free, but labelled them “digital collectibles” as Beijing officially bans cryptocurrencies.

They featured the league’s official mascot tuanbao, a white, round animated face with two communist stars on the head. The NFTs, built on the blockchain developed by Hangzhou Shunwang Technology, were all taken within an hour.

Just like other digital collectibles in China’s closed NFT market, the tokens are not allowed to be traded.

The issuance came on China’s Youth Day, celebrated annually on May 4 as a tribute to student demonstrations in 1919 against the Treaty of Versailles after the first world war, when Chinese territory held by the Germans was given to Japan.

Separately, China’s prestigious Peking University issued 20,000 digital collectibles in the form of alumni cards to commemorate May 4 as well as the school’s 124th anniversary.

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