Non-fungible tokens (NFTs), or digital collectibles, issued by China Central Television (CCTV), the nation’s largest state-owned broadcast media, are appearing in China’s largest online second-hand market for at least 10 times the original price in a pre-sale bid, even before trade embargoes on the assets have lifted.
Local tech giants have pledged to eliminate NFT-fueled speculation by imposing 180-day transfer lock periods, meaning the transfer of the assets from the ongoing bidding war in Alibaba-owned second-hand trade platform Xianyu can last until August.
CCTV released 34,000 collectibles of 13 different Chinese zodiac-themed models at China’s Lantern Festival last week on both Tencent and Alibaba’s NFT market, with an original price of 29.9 yuan (US$4.72) each, as part of the Chinese New Year celebration.
Now at least 50 of these NFTs are appearing on Xianyu, China’s largest second-hand marketplace, as of press time.
One of the sellers told us they predict a floor price of 300 yuan (US$48.42), while another admitted to bidding on their own collectibles to inflate prices.
Digital collectibles is a phrase now commonly used by Chinese companies to avoid the “NFT” phrasing since Chinese state media began denouncing the market frenzy over NFTs.