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Chinese streaming service Bilibili debuts NFTs for foreign buyers

·1 min read

Bilibili, a video streaming platform popular with China’s Generation Z, Thursday announced a batch of Ethereum-based non-fungible tokens (NFTs) for sale overseas.

See related article: Resist the temptation on NFTs, Chinese state-backed developer says

Fast facts

  • Bilibili said the NFTs will be a series of auto-generated characters with different features such as faces, clothes, skin tone, headwear, and items held in the characters’ hands.

  • CryptoNatty, an NFT marketplace, has been commissioned by Bilibili to issue the NFTs on its behalf.

  • Bilibili started its NFT business last December and dropped four batches of NFTs on its own called “UPower chain” for the Chinese domestic market.

  • Due to the crypto ban in mainland China, NFTs can only be traded in fiat currency but not cryptocurrencies.

  • Major Chinese tech firms usually do not allow for trading and limit transfer of NFTs due to authorities’ rhetoric on “speculative” activity.

  • Since 2020, Bilibili has expanded its overseas video streaming branch in Thailand and the Philippines.

  • Bilibili did not comment on whether the NFT relates to its bigger overseas plans.

See related article: Central and Southeast Asia among fastest-growing regions in global crypto adoption: Chainalysis