TL;DR Breakdown
- Baidu is planning to airdrop up to 20,000 NFTs in order to stimulate the market
- Chinese tech giant looks to expand its blockchain offerings
Chinese tech company Baidu has been one of the most active proponents of blockchain technology in China, and the company’s blockchain division is currently in the process of being reorganized.
Baidu is set to distribute 20,000 NFTs as the market for digital assets continues to swell. Starting 10th March, Baidu will give away 20,000 NFTs as an airdrop. Recipients may use the tokens as avatars for characters from Chinese cartoon shows. Approximately 8,888 unique non-fungible tokens will be generated in the “talking tom cat” series and will be out to be claimed from 10th to 12th March. The NFTs will be built on Baidu’s blockchain platform, Xuperchain.
Ali, a popular Fox cartoon character, celebrates his 16th birthday on 16th March, and Baidu will offer 3,160 finite avatars in celebration of the cartoon character.
Are NFTs acceptable in China?
The Chinese government has been actively cracking down on cryptocurrency, banning all related trading and mining activities. However, the government has stopped short of tagging NFTs as illegal, with many experts speculating that they might not be banned as crypto in China. NFTs are still popular among Chinese internet users, and the regime is yet to shut them down.
The move comes as Chinese tech firms continue to ramp up their efforts to tap into the burgeoning blockchain market. Tencent unveiled its own blockchain platform, while Alibaba has also been investing in the technology.
Alibaba’s Baidu and Tencent are both investing in blockchain technology. Last year, Chinese telecoms giant Tencent launched a similar NFT marketplace of its own. The platform hyped its debut in August by releasing 300 NFTs called vinyl records based on the popular Tencent-developed celebrity talk show “Shisanyao.”
Alibaba, on that month, launched a blockchain-powered asset trade and Digital Copyright on its auction platform, which is now the world’s largest e-commerce platform. The marketplace allows artists to issue and trade digital assets, including music, video, and animation.
Chinese tech giant looks to expand its NFTs offerings
The airdrop is seen as an attempt to bolster the company’s blockchain efforts and stimulate development in the NFT market. Baidu’s move comes as the global NFT market continues to grow, with projects such as CryptoKitties and Decentraland seeing increasing levels of adoption.
The move comes as an attempt to bolster the company’s blockchain efforts and stimulate development in the NFT market. Baidu’s airdrop follows other Chinese tech firms, such as Tencent and Alibaba, which have been investing heavily in blockchain technology.
The airdrop recipients will use the NFTs as avatars for characters from Chinese cartoon shows.
