Chinese Video Sharing Platform Bilibili Releases First Set of Ethereum-Based NFT Series
Bilibili, China’s leading video content sharing platform has released a series of NFTs christened “Cheers Up”. The program which is now open for registration is designed for participants that are not residents of China.
Bilibili’s Cheers Up NFT collections that were released in this series are 10,000 in number and split into two categories. The first category consists of 233 PFPs and will be distributed among the project team. The remaining 9,767 units have been left for verified wallets and will be distributed via a raffle exercise. All 10,000 NFTs are issued on the Ethereum blockchain, each with a distinctive and random image design.
The recently released NFTs are classified in different levels depending on their rarity. The features on each image are uniquely characterized by a peculiar twitch in their designs. Some of the PFPs are distinguished by the items they hold in their hands, while facial features, clothes, skin tone, and headwear are used to distinguish the others.
This is not the first significant action that has been taken by Bilibili in the NFT space. The first foray of the company into the NFT industry was recorded on January 5, 2020, with the launch of “Gede”. Gede was the theme of Bilibili’s first NFT series that featured a pigeon cartoon. The number of NFTs released in the series at the time was 2,233, all with distinctive characteristics.
On January 24, 2022, Bilibili launched another NFT series, this time themed on the zodiac signs. This particular launch was made up of 2,022 unique NFT pieces in the series. Then on March 24, 2022, another digital series of “Cheers” PFPs was launched by the firm. Each member of the series was characterized by a unique number, style, and exclusive animation.
Bilibili’s NFT implementation has followed a gradual but consistent process. The firm has also worked in strict adherence to the prevailing laws within the Chinese jurisdiction. For instance, on April 25, 2022, the firm released a set of transfer guidelines and protocols for digital collectibles on its platform. It also announced that it will release the transfer functions of each series of digital collectibles following the order of their release dates.
Based on this protocol, the firm has opened the first series of digital collectibles, “Gede” for the first free transfer. The instructions released by Bilibili qualify users who purchase the digital collectibles and hold them for a minimum of 30 days to be able to donate them to eligible real-name certified users on the platform for free. Similarly, any new recipient of such digital collectibles is required to hold them for at least another 30 days before they can transfer them.
This condition was put in place earlier to ensure compliance with non-secondary sales and speculation in the emerging NFT space in China. It is a form of “marketplace” implementation that is being adopted to ensure that the NFT space in China does not go against the permitted government framework, even though the framework is yet to be fully established. For any user on Bilibili who is found to violate the approved conditions, the transfer period of the particular digital collectible will be further adjusted as a form of punishment.
The “Cheers UP” NFT collection represents Bilibili’s community culture, as “Bilibili Cheers” is a signature slogan for the company. This particular series, built on Ethereum, is however designed for users who are not residents in China. Considering China’s prohibition on the use of cryptocurrencies, Ethereum-based protocols cannot be implemented within the jurisdiction. Hence, only buyers outside the country can participate in the “Cheers Up” series.