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China’s Xpeng joins the bandwagon in selling NFTs on Alibaba


forkast.news 12 April 2022 03:39, UTC
Reading time: ~2 m

Chinese electric vehicle maker Xpeng is selling “digital collectibles” as part of its marketing campaign to mark the 100,000th rollout of a complete vehicle.

Fast facts

  • “Digital collectibles” is a phrase used by Chinese companies to work around state media’s denouncement of the market frenzy over NFTs (non-fungible tokens).
  • Buyers will get the car-model-themed NFT on Jingtan, Alibaba’s NFT marketplace, after paying 19.9 yuan (US$3.12) and test driving the car in an offline store.
  • In January, Auchan Auto issued NFTs on Tencent’s NFT marketplace to promote its new model, in which owners can purchase the vehicle in advance and have a chance to trial the car for a year.
  • Also in January, Roewe Auto auctioned its first NFT painting with a customized car for 1 million yuan (US$156,983). 
  • The EV arm of China’s largest A-share-listed auto group SAIC Motor, IM, launched its “drive-to-earn” reward plan last October, teasing an NFT issuance.
  • There is currently no clear regulation of NFTs in China, but authorities have repeatedly warned about the risks of hype and illegal fundraising.

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