NFTs—Non-Fungible Tokens—have rapidly evolved from a niche blockchain concept into a global digital phenomenon. Often described as the cornerstone of the metaverse, NFTs are redefining how we perceive ownership, art, and digital identity. But what does the NFT business really look like in practice? And can entrepreneurs build a Chinese equivalent of OpenSea? We explore these questions through firsthand insights from founders, creators, and industry experts shaping the future of digital assets.
What Is NFT and Why Does It Matter?
At its core, an NFT is a unique digital token verified on a blockchain, representing ownership of a specific asset—be it digital art, music, virtual real estate, or collectibles. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible (interchangeable), each NFT is distinct and cannot be replicated.
The global NFT market surged in 2021, with Q2 transaction volumes reaching $754 million—a 3,453% year-over-year increase. High-profile sales like Beeple’s *Everydays: The First 5000 Days*, auctioned for $69.35 million at Christie’s, signaled a turning point in mainstream recognition.
👉 Discover how NFTs are transforming digital ownership today.
This momentum didn’t stop overseas. In China, major tech players like Alibaba, Tencent, and NetEase began exploring NFT applications through digital collectibles tied to cultural IPs—from animated films like White Snake 2: The Tribulation of the Green Snake to heritage projects with the Dunhuang Academy.
Yet, despite growing interest, many domestic platforms operate differently from their international counterparts. As one investor noted: “Most Chinese NFT platforms are doing internet-era business under an NFT label—lacking true innovation or decentralized infrastructure.”
So, what are local entrepreneurs actually building?
Building the Metaverse’s Marketplace: The Vision Behind NFT Platforms
“Creating the Taobao of the Metaverse”
—Shi Qi, Founder of NFT China
Shi Qi’s journey into NFTs began in 2019 when a friend asked for help selling artwork on OpenSea. Frustrated by the platform's complexity, he realized there was a gap: a user-friendly marketplace where artists could monetize digital creations without technical barriers.
Launched in June, NFT China now boasts over 50,000 registered users and more than 2,000 artists, including well-known names like Tao Wenyuan and Xianyu Zhongxiayou. The platform operates on a registration-based model, allowing anyone to mint and trade NFTs instantly—contrasting with invite-only systems that limit accessibility.
“We want to break down walls,” Shi explains. “Our goal is inclusivity—anyone can join, create, and participate.”
Transactions typically range between $150–$300 USD, with pieces priced around $150 performing best. Artists with existing social followings see stronger sales, often releasing batches of 10–20 works at a time.
Beyond transactions, the platform is evolving into a creator ecosystem. Upcoming features include:
- Artist-fan interaction tools (e.g., direct messaging)
- Follow functions to track favorite creators
- VR galleries, giving users personalized digital spaces to display collections—a feature Shi compares to Beike Zhaofang (China’s Zillow) but for virtual art
Shi envisions NFTs not just as art tokens but as foundational assets in the metaverse, where they represent avatars, land, wearables, and more. In this future, his platform aims to become the “Taobao of the metaverse,” while OpenSea plays the role of Amazon.
Still, regulatory uncertainty remains a top concern. “We’re compliant—we use Ethereum-based deployment and allow secondary trading,” he says. “But policy risks linger due to past associations with ICOs and speculation.”
To mitigate this, education and transparency are key. Pre-A funding is expected in October, with investors vetted not only for capital speed but also post-investment support.
“Claiming the First RMB-Based NFT Platform”
—Pan Bo, Founder of ODin NFT
Inspired by NBA Top Shot, Pan Bo saw proof that NFTs could thrive without cryptocurrency speculation. Since NBA Top Shot uses USD pricing, it demonstrated that content value—not token volatility—could drive demand.
On June 1st, ODin NFT launched as the first RMB-trading NFT platform in China, targeting a younger demographic: primarily Gen Z and millennials. Surveys show 95% of users are born after 1990.
“Our users aren’t investors—they’re speculators,” Pan admits. “They care about uniqueness and social status. That’s why we keep things simple.”
ODin focuses on comprehensive offerings, from digital art to pop culture collectibles. Their most successful innovation? NFT blind boxes.
Leveraging the popularity of physical mystery boxes, ODin releases limited-edition digital packs where each pull yields a unique item. Series based on museum IPs have sold out instantly—proving stronger engagement than physical equivalents.
Initially charging 10% fees, user backlash prompted a rollback to 5%. Revenue now comes mainly from co-releasing limited editions with artists who lack marketing expertise—offering curation, packaging, and promotion services.
As the market matures, Pan plans to narrow focus: “We’ll test broadly now, but later double down on 2–3 verticals where we can rank top three.”
👉 See how emerging platforms are redefining digital collectibles.
Challenges in the NFT Ecosystem: Liquidity, Value Discovery & Regulation
“The Market Lacks Clear Value Discovery”
—Jay Hao, CEO of OKX
While hype drives headlines, underlying issues remain. Jay Hao points out that despite explosive growth, NFT markets suffer from:
- High transaction costs (often $100+ per trade on Ethereum)
- Network congestion and slow processing
- Poor liquidity and irrational valuations
OKX entered the space in September with a zero-fee NFT marketplace, aiming to lower entry barriers. By supporting multiple high-performance blockchains—not just Ethereum—they reduce costs and improve speed.
Their strategy unfolds in three phases:
- Primary market launches with premium artists and IPs
- Cross-chain integration for seamless asset movement
- Product innovation, such as fractionalizing popular NFTs like Loot
Hao emphasizes caution: “Many high-value sales are driven by consensus, not fundamentals. Once that consensus breaks, prices collapse.”
True value lies in both cultural resonance and inherent scarcity. But without transparent valuation models, the market risks becoming a speculative bubble.
A New Frontier for Cultural Expression
“The Battlefield of Civilizations Will Shift to NFTs”
—Han Fang (pseudonym), Domestic NFT Platform Founder
For Han Fang, NFTs represent more than commerce—they’re a cultural battleground.
“In the internet era, influence was measured by traffic,” he says. “In the NFT world, culture is priced directly in ETH or BTC. Global standards emerge naturally.”
Unlike giants chasing scale, his platform takes a curated approach, focusing on quality over quantity. With only 24 top-tier creators onboarded annually, the exchange serves more as a brand showcase than a profit center.
Instead, revenue flows from two other ventures:
- Creator incubation programs, providing operational support
- Community-building, bridging crypto holders with content producers
He acknowledges industry bubbles but sees lasting transformation: “NFTs change how we form social capital. We’re just beginning to understand their impact.”
Frequently Asked Questions (FAQ)
Q: Are NFTs just speculative assets?
A: While speculation exists, NFTs enable real utility—from digital ownership verification to community access and metaverse integration. Their long-term value depends on adoption beyond trading.
Q: Can Chinese NFT platforms allow secondary trading?
A: Some do—especially those using public blockchains like Ethereum. However, many domestic platforms operate on permissioned chains with restricted resale to comply with regulations.
Q: Is it safe to invest in NFTs?
A: As with any emerging market, risks include volatility, fraud, and regulatory shifts. Due diligence and diversification are essential.
Q: How do creators benefit from NFTs?
A: Artists earn royalties on secondary sales (typically 5–10%), retain ownership rights, and gain direct access to global audiences without intermediaries.
Q: Will NFTs work in the metaverse?
A: Absolutely. In virtual worlds, NFTs represent identity elements like avatars, clothing, land parcels, and equipment—making them foundational infrastructure.
Q: What prevents someone from copying my NFT?
A: Anyone can screenshot a digital artwork, but only one person owns the authenticated token on-chain. Ownership—and provenance—is what holds value.
👉 Start your journey into secure and scalable NFT trading now.
As NFTs evolve from trend to infrastructure, entrepreneurs face both immense opportunity and complex challenges. From building inclusive platforms to navigating regulation and fostering genuine value creation—the race is on to shape the next era of digital culture.