Chinese streaming service Bilibili debuts NFTs for foreign buyers
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.
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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
