“Digital collectibles” is a phrase used by Chinese companies to work around state media’s denouncement of the market frenzy over NFTs (non-fungible tokens).
Buyers will get the car-model-themed NFT on Jingtan, Alibaba’s NFT marketplace, after paying 19.9 yuan (US$3.12) and test driving the car in an offline store.
In January, Auchan Auto issued NFTs on Tencent’s NFT marketplace to promote its new model, in which owners can purchase the vehicle in advance and have a chance to trial the car for a year.
Also in January, Roewe Auto auctioned its first NFT painting with a customized car for 1 million yuan (US$156,983).
The EV arm of China’s largest A-share-listed auto group SAIC Motor, IM, launched its “drive-to-earn” reward plan last October, teasing an NFT issuance.
There is currently no clear regulation of NFTs in China, but authorities have repeatedly warned about the risks of hype and illegal fundraising.