China does not have a very crypto-friendly stance, as was seen when the authorities banned all mining operations in the country. This led the miners to move to other countries that have a more favorable viewpoint toward digital assets.
Despite the crackdown carried out by the authorities, a popular Chinese company has diverted its attention towards NFTs (non-fungible tokens). This is a major step that can change the way digital assets and other crypto-related products are perceived in the country.
After China banned miners from the country, the mining operations were not as negatively impacted as expected. In fact, the miners moved to crypto-friendlier countries and found renewable energy sources, that made crypto mining efficient and less harmful to the environment.
In short, the value and significance of crypto assets are undeniable. Therefore, if you are interested in buying cryptocurrencies as well then make sure you choose the best crypto exchange.
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Which Chinese Company Has Inclined Towards Selling NFTs?
XPeng is an electric car manufacturer that is headquartered in Guangzhou. Despite the stance of Chinese authorities towards crypto, this company is now selling “digital collectibles” as part of its marketing campaign.
Since the authorities in China are not very enthusiastic about NFTs, the companies in the country use the term “digital collectibles” instead.
Hence, XPeng is selling NFTs to celebrate the 100,000th roll-out of a complete vehicle.
People who are interested can purchase car-model-themed NFTs on Alibaba’s NFT marketplace, called Jingtan. The buyers can acquire an NFT after paying 19.9 yuan (US$3.12). They can also test drive the vehicle in an offline store.
Even though this is an innovative step taken by the automotive manufacturer, XPeng is not the first or only company to do so.
As per reports, Auchan Auto and Roewe Auto are two other Chinese car manufacturing companies that have been inclined towards NFTs as well.
Auchan Auto issued NFTs on Tencent’s marketplace in January to promote its new model, which the interested parties can purchase in advance.
Roewe Auto also auctioned its first NFT painting in January with a personalized car for $156,983 (1 million yuan).
While there is no clarity regarding NFTs in China, the government has repeatedly warned the citizens about the risks they come with and illegal fundraising.
Are you New to Crypto Investing?
NFTs are non-fungible tokens that are like modern-day collectibles. While they are different from crypto assets, NFTs can be considered a subset of the crypto culture. Therefore, anyone who is interested in buying or trading digital assets should also be aware of the NFTs.
Non-fungible tokens have been quite hyped by people who are in the crypto space. However, immediately diving into something of the sort without proper information or experience can be unsuitable and unsafe.
Therefore, if you are interested in the crypto space you should first know about buying crypto assets. Since the crypto space is volatile, new crypto investors need to be mindful of a few aspects.
Here are some of the factors to keep in mind if you are looking to purchase digital currencies.
- Make sure you choose a crypto exchange with the lowest fees
- Monitor the price movements of the digital asset you want to buy
- Start by investing as much as you can afford to lose
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