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October 15, 2021

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Major tech firms turn on to NFTs

Chinese tech giants such as Tencent and ByteDance have released platforms and products of blockchain-based Non-Fungible Tokens, empowering business and turning a buzzword into real opportunities.

NFTs create a unit of data on a blockchain that certifies a digital asset as unique.

In October, TikTok launched its first creator-led NFT collection and called the new TikTok Top Moments a “new creator empowerment tool.”

And Alibaba has released over a dozen artworks based on its own NFT technology, including a popular one with themes of the famous Dunhuang Buddhist Grottoes. Tencent has launched NFT-based products with games, music and videos.

NFTs offer unique opportunities for Chinese tech firms, such as Alibaba in e-commerce and livestream, Tencent in gaming and digital entertainment and ByteDance (TikTok’s parent) in content creation, said Yu Jianing, chairman on duty of the Blockchain Committee of China Communications Industry Association.

The committee is authorized by the Ministry of Industry and Information Technology.

Each NFT is unique. It can realize clear ownership, transparency and transfer digital assets.

It’s “a bridge connecting real assets and digital assets” to boost innovation and development of the real economy, said Yu.


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