Huawei Latest Chinese Tech Giant to Launch NFTs

• Huawei Cloud launched its first batch of NFTs airdrop last Tuesday.
• The NFT is based on Hawei’s mascot.
• All of Huawei’s first batch of NFTs airdrops have already been sold.

Huawei Cloud, a subsidiary of Huawei’s cloud computing, is the newest Chinese tech giant to join on the popular non-fungible token (NFT) trend by launching its first batch of NFT airdrop Last Tuesday. 

Read CRYPTONEWSLAND on google news

As a part of Huawei Cloud’s branding campaign, the airdropped NFTs have been based on Huawei’s mascot.

Huawei has yet to reveal if it will launch it on the NFT platform. Nonetheless, the NFTs run on Huawei’s blockchain called “petal chain”. 

Petal Chain is an independent innovative blockchain app platform that relies on the high-performance, convenient, and secure Huawei Cloud Blockchain service (BCS). The BCS helps users to have a better and more secure experience. It also helps the disbursement and circulation of digital assets.

Huawei has been the latest addition to the list of Chinese tech giants that has been joining the NFT space. Chinese giant tech companies including Alibaba, Baidu, Tencent, NetEase and JD.com, have already launched their NFT marketplaces. This means that customers can buy and sell NFTs with their respective NFT marketplaces.

Meanwhile, criticism by the Chinese government and state-owned media has caused several tech giants to provide restrictions or ban NFT reselling, although there hasn’t been any clear regulations or laws related to NFTs. 

Based on research conducted by Chinese brokerage company Guosen Securities, the country’s NFT market would reach 29.8 billion yuan (around $4.68 billion) if regulators permitted reselling. However, if regulators forbid reselling, the NFT market would only be worth around 6 billion yuan (US$937 million).

Huawei has successfully sold its first batch of NFTs airdrops. Meanwhile, the company has yet to reveal when they will release the second batch of airdrops.

Recommended News :

• After Government Crackdown, What Next for Chinese Bitcoin Miners?
• CryptoPunk Makes Waves Surpassing 1 Billion Transactions
• Theta to Airdrop NFT Liquidity Mining Token TDROP
• Tech Expert Says India’s Digital Rupee Will Be Fairly Advanced
• UK To Become a Global Cryptoasset Tech Hub