What are NFTs and what is the hype surrounding it?
什么是 NFT，围绕它炒作又是什么？
NFTs, better known as non-fungible tokens allow for the ownership certification of digital assets using blockchain technology. For artists, it is a new revolution in creating a framework for protecting and selling their digital works throughout the blockchain ecosystem.
NFT，又称非同质化代币，它使用区块链技术对数字资产进行所有权认证。对于艺术家来说，这是在整个区块链生态系统中，创建了一种框架保护和销售他们的数字作品，相当于一场新革命。
Recently NFTs have taken the world by storm with works of collectible digital art that are selling on auctions for millions with celebrities, influencers, and even large corporations dipping their feet into the market. With such big-name endorsements such as Gary Vee, Shawn Mendes, John Cena, and Paris Hilton happening, the price of NFTs has been, for the most part, fluctuating upwards providing a random yet favorable opportunity as a form of “investment”.
最近，NFT 凭借可收藏的数字艺术作品风靡全球，各界名人志士甚至大公司都开始涉猎NFT市场，这些作品在拍卖会上被售出数百万美元。随着加里·维（Gary Vee）、肖恩·门德斯（Shawn Mendes）、约翰·塞纳（John Cena）和帕丽斯·希尔顿（Paris Hilton）等明星代言的出现，NFT 的价格在很大程度上一直在向上攀升，提供了一个随机但有利的“投资”机会。
At the same time, due to the volatile nature of certain blockchain cryptocurrencies tied to NFTs, winners win big and losers fall into a speculative cycle that only yields a zero-sum game.
但与此同时，与NFT 相关的区块链加密货币生来具有波动性，赢家赢了大钱，败者则陷入“投机”的周期，一无所获。
Cryptopunks NFT
While the world is speculating on the feasibility of NFTs as a form of investment, the Chinese government has firmly restricted the use of cryptocurrencies and banned monetary gains made from trading NFTs. The underlying factor behind this decision is not only the volatility of the crypto market itself but also the impact it may have on the local Chinese markets. Yet, NFTs remains widely popular in China and are being termed as Digital Collectibles rather than NFTs. With these underlying conditions in mind, it begs the question of the future of NFTs in China.
当世界还在猜测NFT 作为一种投资形式的是否可行时，中国政府已经坚决限制加密货币的使用，并禁止通过交易 NFT 获得收益。这一决定背后的潜在因素不仅是加密市场本身的波动性，还包括它可能对中国当地市场产生的影响。然而，NFT 在中国仍然广受欢迎，它被称为数字收藏品而不是 NFT。考虑到这些潜在的现象，引发了关于讨论中国 NFT 未来的问题。
Chinese companies taking a chance
中国企业抓住机会
Bilibili’s NFT pigeon collection
B站的鸽德数字艺术头像
When searching about NFTs one often comes across the major gains artists and people have been making seen through the eye of the media machine which largely focuses on the big winners such as Beeple, CryptoPunk, and Bored Ape Yacht Club. Chinese tech giant Alibaba among other major Chinese companies such as Tencent, JD.com, and Bilibili has also taken an interest in these digital collectibles. During the 2021 Double 11 (Single’s Day) shopping festival, Alibaba showcased over 16,000 NFTs that were snatched up in a few minutes.
在搜索 NFT 的消息时，人们经常会看到艺术家和人们从中获得巨大收益，这是媒体机构展示给我们看到的，这些媒体主要关注大赢家，如 Beeple、CryptoPunk 和 Bored Ape Yacht Club。中国科技巨头阿里巴巴以及腾讯、京东和哔哩哔哩等其他主要中国公司也对这些数字收藏品感兴趣。2021年双11购物节期间，阿里巴巴展示了16000多个NFT，几分钟内就被抢购一空。
The way this was possible was the differentiation in naming and the exclusion of cryptocurrencies as a way to avoid regulatory scrutiny. Companies emphasized that these were digital collectibles and these works are bought using the Chinese yuan. At the same time, these works of art cannot be resold on a secondary market like NFTs at the moment due to concerns for speculative pricing. In fact, Chinese companies have asked their users to report such activity.
这些成交的背后可能是因为NFT以其命名的差异化和加密货币的独特性质，可以避开监管审查。企业强调这些是数字收藏品，而这些作品是用人民币购买的。同时，由于对投机定价的担忧，这些艺术品目前无法在 NFT 等二级市场上转售。事实上，中国的公司已要求其用户报告此类活动。
Despite the government’s watchful eye, there may be hope for NFTs in China
尽管政府密切关注其动向，但 NFT 在中国仍存有希望
Chinese state-owned media Xinhua news has also released digital collectibles in the past year indicating a more open stance on NFTs than expected from the Chinese government. Furthermore, China’s Blockchain-based Service Network (BSN), a state-backed blockchain hosting network project established by the State Information Center, will be officially launching NFTs in China. BSN will provide the blockchain infrastructure for Chinese companies to develop and manage native NFTs using the BSN Distributed Digital Certificate (BSN-DDC).
中国国家媒体新华社在过去一年也发布了数字收藏品，表明中国政府对 NFT 的态度比预期的更为开放。此外，由国家信息中心建立的国家支持的区块链托管网络项目，中国基于区块链的服务网络（BSN）将在中国正式启动NFT。BSN 将为中国公司提供区块链基础设施，以使用 BSN 分布式数字证书 (BSN-DDC) 开发和管理原生 NFT。
While NFTs are generally traded with cryptocurrency and under a public blockchain, China’s NFTs will be much different. As mentioned, China has banned the use of cryptocurrencies and will require users of the technology to verify their identity as required by the law. The NFTs will be hosted on a regulated centralized blockchain allowing for regulators to track any illegal activities such as reselling or money laundering. The move will also drive Chinese users to adopt the central bank digital currency, the digital yuan, which will be the only accepted form of payment for these certificates in the future.
虽然 NFT 通常是在公共区块链下用加密货币进行交易，但中国的 NFT 将大不相同。如前所述，中国已禁止使用加密货币，并要求使用该技术的用户按照法律要求验证其身份。NFT 将被托管在受监管的集中式区块链上，允许监管机构追踪任何非法活动，例如转售或洗钱。此举还将推动中国用户采用央行数字货币，数字人民币，这将是未来这些证书唯一可接受的支付方式。
Building a native NFT industry
打造原生 NFT 产业
China’s stance on NFTs indicates the investment in new technologies that redefine lifestyles and consumption. BSN’s blockchain network will not only be used as a way to certify Chinese minted NFTs but will also have applications in social, legal, and other settings where transactions and data become more transparent and trustworthy. While cryptocurrencies which also had enormous popularity in China was taken out of the picture, it is without a doubt that China’s plans for NFTs remain positive and forward-looking.
中国对 NFT 的立场表明了其将会在重新定义生活方式和消费的新技术方面进行投资。BSN 的区块链网络不仅将被用作认证中国铸造的 NFT 的一种方式，还将运用在社交、法律以及其他场景，力求将数据变得更加透明和值得信赖。虽然在中国非常受欢迎的加密货币被排除在外，但毫无疑问，中国的 NFT 计划仍然是积极和具有前瞻性的。
Despite the cautious approach to NFTs and news of a native NFT infrastructure, the future of NFTs in China will rely greatly on the buyers and companies who cannot cash in on these certified digital artworks due to legal restrictions. Whether or not China plans to open up this area to grow the industry, only time will tell.
尽管对 NFT 持谨慎态度，并且传出关于建设原生 NFT的消息，但 NFT 在中国的未来将在很大程度上依赖于由法律限制而无法从这些经过认证的数字艺术品上进行兑现的买家和公司。中国是否计划开放这一领域以发展该行业，时间会给出答案。
Translation 翻译 Rona Xia
FOR MORE RELATED CONTENT
本篇文章来源于微信公众号: SHMADNESS
