Here are Jing Daily’s five market-proven tips for brands looking to build hype online and tap the spending power of young Chinese consumers.
Young Chinese consumers are increasingly embracing digitization, meaning that any brand interested in tapping their spending power should increase activity on Chinese social media platforms and consider collaborations that include the issuing of digital collectibles (the China-market counterpart of NFTs). For brands looking to build hype online and tap the spending power of young Chinese consumers, here are five things that brands should keep in mind before launching digital collaborations in China:
1. Don’t confuse China’s digital collectibles with NFTs
To safeguard what Beijing authorities call “currency sovereignty,” the People’s Republic of China (PRC) enacted a phased but strict nationwide crackdown on cryptocurrency trading and mining over the past few years. The Chinese government has cautioned that NFTs cannot be used for de facto cryptocurrency transactions and that platforms selling NFTs must receive relevant licenses that are difficult to acquire. Therefore, Chinese versions are referred to as “digital collectibles” (数字藏品) by the platforms to disassociate them from NFTs, and resale is strictly prohibited. Continue to read the full article here
