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08.10.22
 

EDITOR'S NOTE
Welcome to Jing Culture & Crypto's first China Edition, dedicated to covering the country's increasingly vibrant Web3 scene. This week, while once-promising NFT platforms like Tencent’s Huanhe face market and regulatory challenges, new NFT-centric projects continue to emerge. News media like NetEase and Dahe Daily have launched their own NFT collections, while Shanghai Museum has become the first national museum to unveil its own NFT platform and blockchain technology system. 

If you have any feedback or China-related crypto news to share for potential coverage, please reach out to Yifan Liu at: yifan@jingculturecommerce.com

THE LATEST DROPS


New China-based platforms and digital collections to know

Image: Wom Music

WOM MUSIC
Web3 music platform Wom Music (Wom音乐) has officially opened for registration, and will release 10,000 limited-edition avatars to registered users. These avatars are bound to virtual rights and will provide their holders with diverse experiences, exclusive privileges, and drop rewards. Wom Music aims to raise the income of music creators, empower quality content, establish a new and deeper connection between musicians and fans, and support the development of Chinese music. 


MUSEUM ON THE SEA BY SHANGHAI MUSEUM
On August 5, Shanghai Museum launched its self-developed NFT platform Museum on the Sea on its own Shanghai Museum Chain (上博链) technology. It is the first NFT platform and blockchain technology system developed by the national museum community, which has its own intellectual property rights. Its first drop of digital collectibles, also titled Museum on the Sea, has gone live.


DAHE DIGITAL COLLECTIBLES BY DAHE DAILY 
On August 1, on the occasion of its 27th anniversary, Chinese newspaper Dahe Daily launched its digital collectibles trading platform, Dahe Digital Collection, along with its new IP Xiao Yu Mi (小豫米). This platform is dedicated to expanding news distributing, enabling the integration of government business resources with digital technology. Its services including the discovery, design, on-chain, authentication, issuance, display, and promotion of NFTs.


NETEASE NEWS DIGITAL COLLECTION GALLERY
On August 5, NetEase unveiled its own NFT platform with the release of a collection of NFT badges titled Yi Wen Tian Xia (易闻天下). The NetEase News Digital Collection Gallery is technically supported by NetEase’s self-developed blockchain, Yi Wen Chain (易闻链), which ensures the security and stability of on-chain digital assets and in copyright protection, and has been certified by the Cyberspace Administration of China, which strictly guards user security.  


BATC BY TOHO CLUB
Chinese NFT platform TOHO Club recently launched the Bored Ape-inspired NFT collection BATC. This collection is based on a recreation of Bored Ape #5513 that TOHO Club previously purchased, with new designs and more Chinese elements included to better cater to Chinese customers. These 9,999 BATC images are randomly generated, so each single token is a unique digital copyright product of the Chinese version. 


CELEBRATING VICTORY NFTS BY THE MUSEUM OF AUGUST 1 NANCHANG UPRISING
On August 1, to mark the 95th anniversary of the founding of Chinese People's Liberation Army and promote the communist spirit, the Museum of August 1 Nanchang Uprising collaborated with Chinese digital collectibles trading platform Jing Cang (鲸藏) and Jiangxi Cultural Performance Group to launch the Celebrating Victory (欢庆胜利) NFT series. The collection combines China's communist culture with innovative technology and reproduces the heroic images of the uprising soldiers in a digital form. 


VIRTUAL STAR GROWTH PLAY BY WEIBO ANIME
On August 3, Weibo Anime announced the Virtual Star Growth Play project, which will cultivate and support virtual idol IPs. Weibo will enable these virtual idols to interact directly with hundreds of millions of users through social media platforms, extend their life cycle through diverse contents, and develop crossover collaborations and business opportunities. So far, about 300 virtual idols from nearly 70 organizations and companies have entered Weibo.

IN THE METAVERSE


What's happening in China's billion-dollar metaverse industry

Image: Crypto Hong Kong

HONG KONG BLOCKCHAIN ASSOCIATION ANNOUNCED TO ENTER THE CRYPTO HONG KONG METACITY
On August 1, Crypto Hong Kong MetaCity, a metaverse twin of Hong Kong, saw the Hong Kong Blockchain Association (HKBA) join its virtual ranks. With its entry, the HKBA will support the use of HK Coin as one of the ways to pay for HKBA membership fees and HKBA MetaUniverse Education Academy Edi.College’s participation fees. 


YANGTZE RIVER DELTA UNVEILS METAVERSE PROFESSIONAL COMMITTEE 
On the heels of Shanghai and Guangzhou, the Yangtze River Delta's Digital Creative Alliance announced the creation of a Metaverse Professional Committee on August 8. This committee will promote research and development in the metaverse, organize metaversal events, build communication and exhibition platforms, and strive to build a metaverse innovation service center with greater social influence. 


THE METAVERSE DESIGN INSTITUTE
On August 3, the Gulou District of Nanjing and Nanjing University of the Arts signed a strategic collaboration agreement to collaboratively build a Metaverse Design Institute and National Sound Art Laboratory. They will also jointly promote cultural innovation and support the development of cultural tourism, aiming to create a number of art innovation laboratories and public art spaces in five years. 

REGULATORY MOVES


How crypto policies and regulations are shaping up in China

Image: BAHK 
HONG KONG CRACKS DOWN ON NON-COMPLIANT CRYPTO BUSINESSES
Hong Kong's Combating Money Laundering and Terrorist Financing (Amendment) Bill 2022, which requires a license to operate a virtual asset services business and cracks down on cryptocurrency advertising, is due to be passed soon. Though expected to take effect next March, it seems to have already exerted a noticeable effect on Hong Kong: the number of cryptocurrency advertisements throughout the city has largely decreased; locally based non-compliant exchanges such as FTX BITMEX have now moved out, while others like OSL Hashkey Huobi have applied or are applying for licenses.

348 DIGITAL COLLECTIBLE ENTERPRISES GET LICENSED
The State Internet Information Office recently issued 348 filing/record numbers under the Blockchain Information Service Management Regulations, including nearly 100 digital collectibles-related enterprises and over 150 digital collectibles-related services. In a positive sign for the digital collectibles sector, these new registrants can now issue digital collectibles in the primary market in accordance with the relevant requirements.

KEY VOICES


Quotable insights from industry players

Image: Tencent

"Digital industrialization and industrial digitization will become hot spots worthy of huge attention in China's economic development."
— Huang Jun (黄隽), Vice Dean, School of Applied Economics, Renmin University of China

On August 4, according to the Economic Daily, Huang noted that digital industrialization and industrial digitization will be contributors to China's economic development. He stressed how the digital collectibles space should be actively cultivated to create positive impact, adding that digital collections based on cultural heritage are conducive to promoting aesthetic and historic education, while being affordable at the same time.

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