Chinese streaming service Bilibili launches NFT for foreign buyers

Bilibili, a video streaming platform popular with Chinese Gen Z, on Thursday announced the release of a batch of Ethereum-based non-fungible tokens (NFTs) for sale abroad.

NFTs will be a series of auto-generated characters with different characteristics such as faces, clothing, skin tone, headgear, and objects the characters are holding.

CryptoNatty, an NFT marketplace, has been authorized by Bilibili to issue NFTs on its behalf. Bilibili started its NFT business last December and self-released four batches of NFTs under the name “UPower chain” for the Chinese domestic market.

Due to the ban on cryptocurrencies in mainland China, NFTs can only be traded in fiat currency, not cryptocurrencies. Major Chinese tech firms generally do not allow trading and restrict NFT transfers due to authorities’ rhetoric of “speculative” activity.

As of 2020, Bilibili has expanded its overseas video streaming affiliate in Thailand and the Philippines. Bilibili did not comment on whether the NFT is related to his larger overseas plans.