China state-backed paper’s NFTs surge in price on resale 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

• 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).

• The collectibles were distributed in mysterious boxes, and buyers needed multiple purchases to collect all five front pages.