NFT Marketing in China: See What Tech Giants Have to Offer
【Posted on: 2022 February】
NFT is the abbreviation of Non-Fungible Token, which is translated as “非同质化代币” in Chinese, it is a native digital asset issued on the blockchain platform. The craze of NFT and Metaverse has become popular in China’s marketing circle.
With the outbreak of the digital economy and the vigorous development of digital artworks, NFTs are becoming the “top stream” of the digital artwork market. Since this year, Porsche, McDonald’s, Givenchy, Coca-Cola, Li Ning, Ali, Tencent, more and more brands and internet giants have been testing NFT marketing, creating brand NFT digital derivatives, arranging related products and superimposing brand value.
McDonald’s launched NFT work “Big Mac Rubik’s Cube” in 2021 to celebrate the 31st anniversary of entering the China mainland market and the official opening of the new Shanghai headquarters building, which has caused countless netizens to watch and discuss.
A piece of news about Jay Chou during the New Year’s Day holiday rushed to the hot search, the trendy brand PHANTACi founded by Jay Chou and his friends released the first NFT project “Phanta Bear”, limited to 10,000 pieces, with a unit price of about 6,200 yuan. 3,000 units were sold within 5 minutes, and all were sold within about 40 minutes, with a revenue of about 62 million yuan.
Tencent, ByteDance, Xiaohongshu, Baidu…7 internet giants have successively entered NFT, and a new NFT industry ecology is taking shape. Xiaohongshu launched the digital art platform R-SPACE in November 2021. Through different activities, it has released many [R-Digital Collections].
In June 2021, Alibaba and Dunhuang Art Institute jointly released two NFT digital assets including Dunhuang Flying Apsara and Nine-Coloured Deer Skins. A limited-edition skin on Alipay’s “Ant Chain Fan Granule” applet with an original price of 9.9 yuan Dunhuang Flying Apsara NFT payment code skins was hyped up to 700,000 – 1.5 million on Idlefish (a famous second-hand trading market app in China) which has been taken off the shelf, and the price has increased from 70,000 to 150,000 times.
In 2021, Tencent created China’s first NFT trading platform “Magic Core”, which currently mainly sells digital artworks co-branded by artists. JD.com also launched a NFT commemorative certificate supported by its own blockchain technology.
In addition to internet giants PK in the NFT field, luxury brands have also entered the game. Luxury brand Gucci has announced the purchase of an undisclosed number of virtual plots in The Sandbox, a “metaverse” concept project, according to Golden Finance. Allegedly, Gucci may launch Gucci-themed NFTs and retro bags on the platform. In addition to the fashion-focused virtual space, Gucci will also release virtual wearable items for The Sandbox players to purchase and wear-in-game.
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