Thread by @SinoGlobalCap

China NFT Market Update —— SW

>>Executive Summary

Driven by the wealth effect and leading domestic tech companies, China's NFT market is growing rapidly.

In addition to Chinese giants like Alibaba venturing into NFT, other household names like NetEase, Visual China (VCG), ByteDance (parent of TikTok) and other leading companies have made moves in the field of NFTs.

On June 26, NetEase and Nervina Labs (nervina.cn) jointly issued their first NFT work on Taobao: the commemorative gold coin of the Little Alpaca March.

On August 26, the "2021 Semi-annual Report" released by Visual China revealed that in the future, it may launch its own NFT marketplace.

>>Key NFT events in China:

1. Chinese giants started to buy Cryptopunks, Cryptopunk owner club of over 100+ ppl on weChat

Meitu founder Cai Wensheng (蔡文胜) bought CryptoPunk #8236 for 125ETH while Feng Bo（冯波）, founder of Dragonfly Capital, bought CryptoPunk #7252 for 1600ETH (approximately US$5.33 million).

2. People’s Punk revolution / Fractionalization of CryptoPunks
A social network called People’s Punk (based on the NFT community) was created and co-sponsored by 173 initiators.

The market value of People’s Punk is derived from the fragmented Cryptopunk #173, with $DDDD as the fragmented token of#173 and the token of the People’s Punk social network.

$DDDD has already become an OpenSea authentication payment token; people can choose $DDDD during payment when buying an art piece.

3. CryptoPunk couple initiated by Kong Jianping

A punk societal initiative led by Kong Jianping, CEO of Canaan Creative, participated in by 50+ other Chinese crypto players- everything starts from a wechat group where “a bunch of friends brainstorm on a daily basis”.

One user brought up an interesting idea: how about they run an experiment to make two punks into couple (think Barbie and Ken). In just in a short time, over 400eth was raised within the group by 49 individuals and 1 male punk and 1 female punk were purchased as candidates.

4. Actor Chen Bolin changed his Instagram profile picture to a Mutant Ape Yacht Club NFT on Aug 31st. He has has 1.7mln followers on Instagram.

5. NFT is growing among the Gen Z in China and has penetrated the lives of young Chinese. More and more NFT related content has shown up on Chinese social media & e-commerce platform Xiaohongshu, aka RED.

The news of Stephen Curry changing his profile picture to a Bored Ape Yacht Club has blown up on social media and Chinese fans have followed in Curry’s footsteps and replaced their avatars with the "Bored Ape" series on basketball forums