JD.com relaunches its digital collectibles business; its "Lingxi" platform launches a new digital asset transfer service.
B.news
On December 17th, according to the *New Consumer Daily*, JD.com's digital collectibles platform, "Lingxi," announced on December 16th that newly issued digital assets would officially open for transfer services starting December 15th, with the opening time for existing assets to be announced separately.
This comes just one day after "Lingxi" launched its public beta. Looking back, in December 2021, "Lingxi" launched its first batch of digital art collectibles based on JD.com's mascot, "Joy," and sold them through the JD.com app mini-program.
However, with tightening policies in the digital collectibles industry, "Lingxi" stagnated due to the lack of secondary trading. 2021 was considered the "first year" of digital collectibles, with platforms like Tencent's "Huanhe" and Ant Group's "Jingtan" rapidly rising and dominating the competitive landscape in the first half of the year.
However, by the second half of 2022, the digital collectibles market had clearly cooled down. The China Internet Finance Association and two other associations jointly issued an "Initiative on Preventing Financial Risks Related to NFTs," explicitly proposing to curb the financialization and securitization of NFTs and prevent illegal financial activities. In July of the same year, Tencent News took the lead in suspending its digital collectibles business; in August, "Huanhe" issued a liquidation announcement; and in November, Tencent Music's digital collectibles business also announced its closure.
The industry turning point came in December of this year.
With the official implementation of two national standards, the "Implementation Guidelines for Asset Management of Cultural Digital Asset Transactions" and the "Guidelines for the Valuation of Cultural Digital Assets," the digital collectibles industry has moved from a stage of "spontaneous exploration" to a new development cycle of "standardized guidance." The "Implementation Guidelines for Transactions" clarifies the qualification requirements and risk control procedures for all participants in cultural digital asset transactions;
the "Valuation Guidelines" establishes a unified system for the valuation of cultural digital assets. Zhu Youping, rotating chairman of the Blockchain Committee of the China Communications Industry Association, commented: "The restart of JD.com's 'Lingxi' verifies a core logic—the essence of digital collectibles is digital rights certificates, belonging to the category of commodities, not financial assets."
