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
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.
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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.
NFTs, digital assets built on the blockchain, are attracting the attention of an increasing number of Chinese state-backed Organisations as well as privately-held tech giants.
Ant Group, the fintech affiliate of Alibaba Group Holding, and social media and gaming giant Tencent Holdings, were the first tech giants to embrace NFTs, launching dozens of products since last summer. JD.com and Baidu followed with their own digital collectibles. Alibaba owns the South China Morning Post.
Last month, three Chinese government-managed financial associations jointly released guidelines to prohibit the use of NFTs in the issuance of securities, insurance, loans and precious metals.