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Largest stock photo and video provider Visual China Group VCG started a NFT marketplace

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Indrani bose Follow

INDIA

Jun, 02 2022

Jun, 02 2022

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The country’s largest stock photo and video provider Visual China Group (VCG) has started an overseas platform for non-fungible tokens (NFTs) where users outside of mainland China pay with ether as cryptocurrency is strictly banned in mainland China.

On Wednesday the platform, named “Vault by 500px”, went live with a beta version. Online photo sharing platform 500px said they expect it to provide “a new stream of income for creators.

According to a filing to Shenzhen Stock Exchange, VCG confirmed that to strengthen the production, protection, and transaction of digital copyrights the platform uses blockchain. By midday Thursday there were 15 artworks available in the Vault that can be purchased using cryptocurrency for Ethereum, ether which is the most widely used blockchain for NFTs. A most expensive piece from Vault NFTs sold for 0.71 ETH which is 1,370 USD at the time of publishing.

In 2018 VCG Acquired 500px. 500px's branding is used on the platform.  According to VCG there are 500,000 contracted artists with more than 20 million users across 195 countries.

The visual media giant makes another foray into NFTs with Vault. The company launched a platform called Yuan Shijue, which translates as "meta Yuan Shijue supports NFTs commonly referred to in mainland China as digital collectibles to avoid associations with cryptocurrencies. Yuan is required for the purchase of digital collectibles, and they cannot be resold for profit.

By using Ethereum, Vault is a new approach for VCG that the company said will help it “form dual art markets at home and abroad”.

In September China has banned cryptocurrency transactions. Although no set clear regulations for NFT trading in the country have been set yet. The flipping of NFTs, however, has been criticized by Chinese state-backed entities.

Last week Getty Images which is Global stock image supplier announced about launching an NFTmarketplace. The Ethereum Virtual Machine which is based on Palm sidechain will launch digital collectibles.

In mainland China, some are trading NFTs on WeChat groups, spawning an industry catering to the fervor over the asset class, despite Beijing's rhetoric against speculation. 


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Indrani bose

CBW - External Analyst

INDIA

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