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Chinese Tech Giant Huawei Debuts NFTs
Huawei’s cloud computing arm Tuesday airdropped the brand’s first batch of non-fungible tokens (NFTs), making it the latest Chinese tech giant to join the trend.
Himanshu S.
9:40 13th Apr, 2022
NFTs

The airdropping of NFTs based on the brand’s mascot is a part of Huawei Cloud’s branding campaign.

The NFTs are based on Huawei’s blockchain — the “petal chain” — despite Huawei not publicly stating that it will launch on the NFT platform.

The airdrop was fully bought out at press time.

Chinese tech giants such as Tencent, Alibaba, Baidu, NetEase and JD.com have launched their NFT marketplaces.

Despite the lack of clear regulations on NFTs, criticism by state-owned media has prompted tech giants to restrict or ban NFT reselling.

In a research report in April, Chinese brokerage firm Guosen Securities noted the country’s NFT market would be valued at 29.8 billion yuan (US$4.68 billion) if regulators allowed reselling. Without that, it would only be worth around 6 billion yuan (US$937 million).

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