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

“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.”