Even before trade embargoes on the assets are lifted, non-fungible tokens (NFTs), or digital collectibles, issued by China Central Television (CCTV), the country's largest state-owned broadcast media, are appearing in China's largest online second-hand market for at least 10 times the original price in a pre-sale bid.
Local digital behemoths have committed to end NFT-fueled speculation by enforcing 180-day transfer lock periods, which means the assets from Alibaba's second-hand trade portal Xianyu can be transferred until August.
As part of the Chinese New Year celebrations, CCTV published 34,000 collectibles of 13 distinct Chinese zodiac-themed models on Tencent and Alibaba's NFT market last week, with an original price of 29.9 yuan (US$4.72) each.
As of press time, at least 50 of these NFTs had appeared on Xianyu, China's largest second-hand marketplace.
One vendor informed Forkast that they expect a floor price of 300 yuan (US$48.42), while another acknowledged to bidding on their own treasures to artificially boost prices.
Since Chinese official media began criticising the market frenzy over NFTs, Chinese enterprises have started using the word "digital collectibles" to avoid using the term "NFT."