The video-sharing platform Bilibili has launched an app to partner with its blockchain network Upowerchain, stepping up its metaverse capabilities. The app allows users to manage their on-chain assets and serves as an entry point to Upowerchain. However, it does not support transfer functionality, which is in line with the majority of domestic alliance chain wallets available at present.
Companies have turned to a “gifting” transaction feature as a solution to the problem of being unable to trade domestic digital collectibles on a secondary market. At present, Bilibili’s virtual items can be given as a gift only after they have been possessed for a period of 30 days and necessitate the verification of the user’s real name. The latest application has a function that alerts users when they want to send a gift.
Bilibili has intimated that its blockchain solution largely serves as a jumping off point to develop a more sophisticated web 3.0 experience in future, supporting users to curate interactive communities around gaming or video-sharing experiences in a three-dimensional virtual space. Bilibili has already shown its intention to associate digital collectibles with rights that grant owners access to specific virtual functions or experiences, such as in its collaboration with the non-fungible token brand Azuki.
Bilibili previously unveiled its blockchain network Upowerchain in December 2021. A blockchain is a type of database where digital assets can be stored in a highly secure fashion. The technology has different uses, with Alibaba and Ant Financial setting out to digitise the agricultural industry and Tencent experimenting with diamond trading all via their own blockchain solutions.
CryptoNatty has been given permission by Bilibili to release a collection of NFTs called “Cheers UP” that symbolize Bilibili’s community culture. These NFTs are available for purchase to individuals who reside outside of China. The NFTs are created on Ethereum and can be traded without any restrictions. The aggregate transaction volume for this series has already surpassed $2 million. Moreover, the Twitter account “Cheers UP” has amassed a following of more than 60,000 users.
Digital collectibles have since become prominent in China’s web 3.0 landscape as an alternative use of blockchain technology.
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