China state-backed paper’s NFTs surge in price on second-hand market

[Pagla]

Digital collectibles” issued by Shanghai Securities News are trading at least 13 times their original price on China’s largest second-hand trading platform, despite state media’s criticism of the non-fungible token (NFT) frenzy.

Fast facts
In China, the phrase “digital collectibles” is often used to avoid references to NFTs.
The collectibles are now available on the Alibaba-owned Xianyu, China’s largest online second-hand trading platform, for reselling and auctioning, with prices ranging from 269 to 1,000 yuan (US$42 to US$157).
The original selling price of each collectible was 19.9 yuan (US$ 3.13).
Shanghai Securities News’ 5,000 digital collectibles, representing newspaper front pages to commemorate China’s capital markets development, were instantly sold out after they were offered on distribution platform TheOne.art on Monday.
The collectibles were distributed in mysterious boxes, and buyers needed multiple purchases to collect all five front pages.
Amid Beijing’s cautions over NFT trading, Chinese tech giants have pledged to resist speculation in digital collectibles, with Alibaba’s blockchain subsidiary AntChain requiring a 180-day holding period before a buyer may resell to avoid “malicious hype.”

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