Miguel Cordon · · 1 min readChinese EV major Xpeng to sell NFTs on Alibaba platform
Chinese electric vehicle giant Xpeng is selling “digital collectibles” – a descriptor used by local companies to skirt around disapproval of non-fungible tokens (NFTs) – as part of a campaign celebrating the 100,000-unit mark for vehicles it has rolled out, Forkast reported.
The car-themed NFT will be available to users on Alibaba’s NFT marketplace, Jingtan, after they test drive an Xpeng vehicle and pay a 19.9 yuan fee (US$3.13).
With the move, Xpeng becomes the latest auto firm to issue NFTs. It follows Auchan Auto, which promoted its new model with an NFT drop on Tencent’s platform, and Roewe Auto, which auctioned off its first NFT painting with a customized vehicle earlier this year.
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The development follows a call for NFT regulations by The Economic Daily, largely seen as a mouthpiece for the Chinese Communist Party. The media outlet labeled NFTs as a currency or commodity as opposed to an art and cultural product.
Currency converted from yuan to US dollar: US$1 = 6.36 yuan.
Editing by Deepti Sri and Jaclyn Tiu
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