Why are China’s tech firms no longer using the term NFTs?

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NFTs are becoming increasingly common throughout the world and appear to be slowly becoming a customary element in various types of transactions. However in China, Alibaba and Tencent recently renamed their NFT offerings “digital collectibles.” We look at why and what it means. Don’t mention NFTs in China! The discourse in China is not about non-fungible tokens, but rather about “digital collectibles.” This shift has just been implemented by retail giants Alibaba and Tencent against a backdrop of the Chinese government’s anti-cryptocurrency stance. Chinese state media such as China News and Ch…

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