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.

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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 mainland China. The tool, named "Vault by 500px," launched its beta edition on Wednesday and is supposed to give "a new source of income for manufacturers," according to 500px, an online photo-sharing site.

NFTs Based on Late Qing Dynasty Painter Wu Changshuo are Sold Out

Tencent's Huanhe NFT platform released non-fungible tokens (NFTs) showcasing Chinese late Qing era painter Wu Changshuo's artwork

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NFTs Based on Late Qing Dynasty Painter Wu Changshuo are Sold Out

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