Tencent’s Huanhe NFT platform released non-fungible tokens (NFTs) showcasing Chinese late Qing era painter Wu Changshuo’s artwork on, with all 28,000 copies selling out shortly after the launch, indicating a still solid market for such assets in China. The Wu Changshuo NFTs, which were initially priced at 128 yuan (US$19.21) each, are now selling for roughly 450 yuan to 500 yuan on Xianyu, China’s largest second-hand products online marketplace. 🇨🇳 NFTs featuring Chinese Qing dynasty painter Wu Changshuo’s artwork debuted on Tencent’s Huanhe platform on Thursday. All 28,000 copies are sold out immediately after the drop❕https://t.co/ub3Cda9BAL — Forkast News (@Forkast_News) May 30, 2022 Wu Changshuo was a well-known painter, calligrapher, and seal artist born in 1844. In 1927, he passed away. According to Christie’s, Wu’s work was once sold for HK$18.25 million (US$2.3 million) in December 2020. He continues to have a sizable fan base. Even though China has yet to establish clear restrictions for NFT trading, state-backed groups have decried the practice. Despite Beijing’s rhetoric against NFT speculation, some mainland Chinese traders are trading on WeChat groups, generating an industry catering to the asset class’s passion. Earlier we covered, that Visual China Group (VGC), China’s leading stock image provider, has developed a non-fungible token (NFT) marketplace that accepts Ethereum payments from customers outside of mai...
