Xianyu urgently halts transactions related to “digital collections”

Recent news, due to false propaganda, transaction fraud and other behaviors, the Xianyu community has recently launched a special management campaign for digital collection-related products, and related products have been removed from the shelves.

The announcement content shows that due to recent public opinion exposure of frequent false propaganda, transaction fraud, illegal fund-raising and other risks in digital collection transactions, in order to protect the legitimate rights and interests of the majority of users , maintain the healthy ecology of the Xianyu community, prevent financial risks, etc. From now on, the Xianyu community prohibits the release of any products related to digital collections, and such products will be removed from the shelves.

Note: Digital collections generally refer to the use of blockchain technology to generate unique digital certificates for specific works (art, cultural and creative categories, etc.) on the basis of digital copyright protection to achieve digital distribution, Trade, collect and use.

In the past few years, the field of digital collections has been very popular, attracting many participants including Internet giants, financial organizations, consumer goods companies, museums, and organizers of cultural and sports events. However, since this year, controversies and negative news about the digital collectibles market have frequently appeared on the hot search list, such as "digital collection players have suffered heavy losses", "an investment of 500,000 in digital collections has turned into worthless electronic waste", etc. These incidents revealed the behavior of some illegal platforms using digital collection trading as a cover to conduct new financial fraud. On the Black Cat platform, there have been more than 3,000 complaints related to digital collections. Due to the lack of sound laws and regulations and effective supervision, these loopholes provide opportunities for criminals to take advantage of.

Currently, the digital collection industry is facing a serious imbalance between supply and demand. That is, the number of users and the scale of funds are unable to keep up with the fast pace of new product releases, resulting in a large number of collections prices plummeting or even returning to zero value. Therefore, major platforms need to refocus on user needs, establish a reasonable value evaluation mechanism and project ecology, and properly arrange the exit and transition of products. At the same time, how to pursue economic benefits while ensuring social benefits, and how to balance the healthy development of the secondary market while preventing excessive financialization of digital collections have become major issues that the industry needs to urgently study and solve.

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