From NFT to NFR: the Overview of Digital Collectibles in China

Abstract

This paper sorts out the development trajectory of digital collectibles in China. After the introduction of NFT as a blockchain-based rights confirmation tool, in order to adapt to the regulatory environment in China, it has evolved localized into NFR (Non-fungible Rights), which emphasizes the "rights" attribute, relies on consortium chains and is subject to centralized supervision. Its product form is "digital collectibles". The development process can be divided into three stages: the initial exploration period, the disorderly expansion period and the compliant development period. Correspondingly, the market has gone through a process from explosive growth, decline to gradual rationality. The current research status shows that the overseas academic community's research on NFT collections has shifted from conceptual exploration to market reflection, industrial application, and consumer behavior analysis. Domestic research, on the other hand, started relatively late and mainly focused on macro aspects such as regulation and copyright. Empirical research from the perspective of consumers is still a blank. Therefore, this paper emphasizes exploring the purchasing motivation from the consumer demand side, which is of great significance for promoting the healthy development of the digital collectibles market.