- Bilibili, a Chinese video streaming platform that is quite popular among Gen Z, has allowed the trade of NFTs between users.
- The platform entered into the NFT field in January, with NFTs that are themed in pigeons and are a series of PEPs. Currently, the platform has allowed for the trade of these NFTs only.
- Bilibili will delay the transfer of NFTs in case of speculative activity. In order to look like they stand with Chinese authorities’ stance on the asset, tech companies often clamp down on speculative activity in NFTs.
A Chinese video streaming platform, Bilibili has now allowed the transfer of non-fungible tokens (NFTs) between users. Bilibili is popular among Gen Z in China and has now become the second major Chinese tech firm to enable NFT transfer among Alibaba.
Pretty much like a 180-day transfer lock-in, Bilibili requires a 30-day gap between each trade.
Bilibili is popular in China because of its ability to post real-time comments over videos called “Danmu.”
The platform dipped its toe in NFTs in January, with NFTs that are themed in pigeons and are a series of PEPs (A collection of shoulder-length artworks that reflect various personalities through the faces of apes, and cats, people, aliens, robots, and so on.)
As of now, the video streaming platform allows the trade of these pigeon-themed PFPs, other NFTs will be allowed for trading in May.
If there is found to be speculative activity then Bilibili may delay the transfer of NFTs.
ALSO READ – Solana-based platform STEPN plagued with phishing website scams
To appear as if they are standing with Chinese authorities’ stance on the asset, it is quite common for tech companies to clamp down on speculative activity in NFTs.
On the other hand, major tech firms such as Xiaohongshu’s NFT marketplace, Baidu, JD.com, and Tencent still haven’t shown greenlight for transfers or trade.
The domestic NFT market in China even after the curbs is predicted to touch the mark of 29.8 billion yuan (US$4.68 billion) in 2026.
Source: https://www.thecoinrepublic.com/2022/04/27/bilibili-becomes-second-major-chinese-tech-firm-to-allow-nft-trade-among-users/