NFTs are creating a splash in China's art scene

In 2021, Chinese singer A Duo hit the headlines for raising $47,000 at an auction by selling a non-fungible token (NFT) of a song.

The rise of NFTs represents a real opportunity for Chinese artists to leverage technology to connect directly with fans and collectors while dramatically increasing their earning potential.

The Tezos ecosystem’s flourishing artistic community and commitment to growing blockchain adoption in Asia is also supporting the growth of NFT art in the world’s most populous nation.

The creative and market potential of China’s NFT art scene

A 2020 Chinese Musicians Report found that less than half of Chinese musicians make any income from their music, a situation that’s likely familiar for artists across many disciplines.

While A Duo was already a high profile musician, her successful NFT song sale reflects the new power of the creator economy — where audiences will clamor for desirable digital content produced by independent artists, designers, musicians, writers, and celebrities.

Consequently, NFTs are emerging as a key way for Chinese artists at all levels to monetize their content and make meaningful connections with their fans.

Asia’s appetite for digital collectibles is strong, and despite regulatory caution, including a government ban on cryptocurrency, NFT art has already escaped obscurity in China.

In March 2021, UCCA Lab, an offshoot of China’s foremost contemporary art museum, held what was described as “the world’s first major institutional crypto-art exhibition” titled Virtual Niche: Have You Ever Seen Memes in the Mirror?

The UCCA NFT exhibition showcased the works of over 60 artists, including pieces by Beeple, hot on the heels of the artist’s record-breaking $69 million NFT sale at Christie’s auction house — which was a global milestone in the rise of NFTs.

NFT art continues to gain momentum through significant real-world exhibitions across Chinese territories, such as Art Basel Hong Kong, and through branded displays and collaborations, in line with a burgeoning local online market for NFT collecting.

Tezos artist community in China finds an audience via NFTs

Artists are boosting their careers, and China’s art scene more broadly, by minting and selling NFTs on Tezos.

One of China’s top NFT creators, Song Ting, helped to develop the open source community in China and began curating exhibitions to showcase local blockchain-based culture in 2019.

Her artwork — which uses NFTs, animation, and AI to breathe new life into traditional imagery and topics from Chinese literature — has generated significant interest in China. In fact, she made history by achieving the first sale of a blockchain-based artwork via a traditional Chinese auction house.

Ting’s preference for the Tezos blockchain is due to its colorful ecosystem and her desire to promote clean NFTs.

“As an ambassador of International Olymp’Arts, I needed to find a more sustainable and energy-friendly way to create digital artworks. ‘NFTs for good’ is very important to me, so Tezos was a logical choice.”

Beijing-based algorithmic artist, Reva, transitioned from working as a software engineer to becoming a full-time creative in late 2018, with her main source of income now being NFT sales.

She also co-founded WeirDAO, a collective predominantly comprised of China-based NFT artists, designed to encourage peer-to-peer communication and collaboration.

“It’s important for artists to help each other. Especially at this stage.”

Reva said the evolution of NFTs enabled Chinese artists to expand their horizons, support each other through art focussed ecosystems like Tezos, and forge new relationships with collectors.

“It also allows collectors to collect the artworks they like. This allows the diversity of art to develop. And it may bring a new aesthetic to digital art.”

Chinese NFT artist, Riniifish — known for her animated pieces that convey a tiny yet vibrant universe of bugs — believes the Chinese market may take a bit longer to embrace more diversity in aesthetics, as many are still wary of taking a chance on crypto-art.

“That being said, the NFT community in China is getting bigger and bigger, and there are some awesome artists that I know here who are very talented. They keep their minds open, which is very cool,” Riniifish said.

She said minting NFTs has helped her grow in her identity as an artist and gain more opportunities, such as a collaboration with a fashion brand and an upcoming solo exhibition in Milan, Italy.

Riniifish highlighted the Tezos ecosystem’s friendly community vibe that encompassed a mix of art styles and world views: “In this community, we put aside our prejudices and experience a beautiful paradox of embracing individuality while blending the West and the East.”

Marketplaces and blockchain development fuel the growth of NFTs in China

In some respects, the Chinese Government has been at the forefront of blockchain application through its development of a central bank digital currency (CBDC) known as the digital yuan.

However, the country’s ban on cryptocurrency transactions and trades makes buying and selling digital collectibles more limited. Still, an increasing number of marketplaces cater to creators and collectors.

Some major tech companies involved in China’s NFT space, like JD.com, Baidu and Alibaba affiliate Ant Group, have committed to a range of self-regulation measures, such as requiring real-name authentication and only supporting legal tender for sales.

Another government-backed initiative that will expand access for Chinese NFT artists and collectors is the Blockchain-based Service Network (BSN). This public-private nationwide infrastructure project will support the deployment of applications built on public chains to spur mass adoption of the technology across China.

Tezos ecosystem supporting China’s growth in the NFT space

Advancing the Tezos ecosystem in Asia is also fostering the growth of Chinese NFT art. For example, cultivating the talent of China-based teams building on the Tezos blockchain through various grants has helped drive innovative projects that support a flourishing arts scene. For instance, the NFT art curation and universal identity platform Dataverse, which has seen more than 60 million data streams created since its launch.

There are also plans for Tezos NFTs to feature in a number of significant events on the Chinese arts calendar, such as Photofairs Shanghai and displays held in the West Bund cultural district, bringing digital assets into the physical world.

Despite the regulatory barriers to blockchain and NFTs in China, there’s clearly booming interest in the exploration of the technology — being led by creatives, developers, and collectors on the Tezos blockchain, helping democratize the art scene.