NFTS

Baidu To Distribute 20,000 NFTs To Grow The Market

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Baidu, a Chinese international internet technology giant, planned to distribute twenty thousand Non Fungible Tokens (NFTs) from March 10, 2022. The NFTs relate to Chinese cartoon morality, and beneficiaries can operate just as avatars.

As per local news, applicants may obtain a “talking tom cat” production of 8,888 distinctive NFTs from March 10, 2022, to March 12, 2022.

Related Reading | How Secretum Plans To Take Over NFT Gaming

The media also informed that Baidu will likely unleash little 3,160 avatars on March 16, 2022, at the festivity event of the sixteenth birthday of the famous Fox cartoon personality “Ali.”

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Bitcoin price is trading around $39,000 with a 6% decline | Source: BTC/USD chart from Tradingview.com

Airdrop trappers of China may go for a new lot on Baidu’s “Xuper Chain” or “Super Chain” on its exclusive blockchain network. Baidu inaugurated the first beta blockchain network among Chinese Technology firms in this blockchain network. Although most Chinese firms are already working on blockchain technology, Baidu is the first to initiate a public beta version.

In response to recent competition in the crypto industry, Chinese regulatory authorities notified the hypothesis regarding NFTs and are committed to having a proper check on their use within the state. A regular crackdown resulted in a decrease in demand, but still, cybercitizens of China are generating sufficient requirements, so authorities intend to control them.

Baidu Playing Major Role in NFT Technology Development

Baidu has already taken a step in late February and delivered a lot of NFTs displaying Olympic themes.

Baidu is not a single player promoting NFTs in the Chinese marketplace, whereas a big and famous Chinese telecom, Tencent, had already inaugurated its owned NFT marketplace since last year. The platform had already advertized the inauguration in August 2021 by providing 300 NFTs called vinyl records based on the famous Tencent-developed celebrity talk show “Shisanyao.”

One of the world’s biggest e-commerce platforms, Alibaba, inaugurated a blockchain-powered asset trade and digital copyright through an auction in the same month.

Related Reading | The Nightly Mint: Daily NFT Recap

In early December, BeInCrypto publicized that the Chinese republic news agency formed its own NFT collections for allotment. The regulatory authorities of China are well aware that NFT development is growing in an uncertain market in the country. Last November, People’s Daily, famous as a spokesperson of Communist Party, raised a question mark at NFT’s existing trend “zero-sum game hyped by cryptocurrency investors and capital.”

An Overview Of NFT Market

Unlike market withdrawal, the demand for Non-Fungible Tokens has still not dissolved. According to reports by the Nonfungible market writer, daily sales of Non-Fungible Token (NFTs) have risen to $93 million as of March 09, 2022. The sales figures of NFTs have crossed the ever highest sales of $77,185 in last October.

According to the data collection reports of CryptoSlam, secondary daily sales of NFTs are leading with figures of $7.3 million on the CryptoBrokers exchange.

                       Featured image from Pixabay and Chart from TradingView.com

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