WeChat public platform "Code of Conduct": Providing secondary trading services for digital collections will result in account suspension

The WeChat public platform's "Code of Conduct" has added new clauses related to digital collectibles trading behavior, clearly stating that engaging in virtual currency or digital collectibles business is a violation of business regulations, and providing secondary trading services for digital collectibles will result in account suspension.

Digital collectibles are becoming popular too fast

Digital collections refer to unique digital certificates generated for specific works or artworks using blockchain technology, which enable authentic and reliable digital distribution, purchase, collection and use while protecting their digital copyrights.

Since the beginning of this year, the digital collectibles market has continued to be hot, with many products sold out as soon as they were released.

At the same time, major Internet companies such as Alibaba, Tencent, and JD.com have entered this field and launched their own digital collection platforms, such as Alibaba's Whale Tan, Tencent's Huanhe, and JD.com's Lingxi.

Many museums have also joined the craze for digital collections. The cultural and creative digital collections issued by these museums are all hot-selling and sold out within a few seconds of being online. The stone tiger of the Jinsha Ruins Museum and the Eastern Han Dynasty pottery dog ​​of the Sichuan Museum have become phenomenal hits.

These public accounts and mini programs have been blocked

It is understood that the public account of the digital collection platform "NFTea Digital Tea Tickets" was blocked recently. This seems to be the first time that WeChat has banned a public account on the grounds of "secondary transactions of digital collections."

According to incomplete statistics, the banned accounts include ArtMeta Digital Collection, Yidian Digital Collection, Guizang Metaverse, Huasheng Meta, Yuanben Space, Shenda Digital Collection, Zero Earth, iBox Digital Collection E-commerce and oneMeta. The exact number of banned accounts is unknown, but it is certain that there are quite a few digital collection accounts registered on mini programs. In addition to WeChat mini programs, Alipay and Baidu mini programs also have many digital collection trading accounts.

Behind the popularity of digital collectibles, complaints have continued. According to reports, consumer complaints mainly focus on suspected speculation and price gouging on the platform; merchants falsely shipping and not refunding; data loss and theft of purchased collectibles.

Beware! Digital collections are in chaos

As an innovative application of blockchain technology, digital collectibles have positive significance for the dissemination of excellent culture. However , due to their relatively short history in China, recognition and regulatory standards have not yet been established, leading to chaos.

The "rules of the game" of platforms that issue digital collectibles are roughly the same: ways to obtain digital collectibles include pre-sales, auctions, lotteries, blind boxes, synthesis, and attracting new user registrations. Users can snap up digital collectibles for a few to a few hundred yuan, and it has become the norm for them to be sold out in seconds after they are released.

The tricks in digital collections need to be taken seriously. Some platforms first attract users with low-priced collections, and then raise the prices of some collections that are not actually expensive. When users spend a lot of money to buy and resell, the orders are locked for a long time and cannot be successfully traded. After this popularity, the prices of the collections will continue to fall, and the users will bear the losses. Merchants who make money and "disappear" will also make it difficult for consumers to protect their rights.

It is worth noting that in addition to price gouging and false shipments, there are also many hidden dangers in the transaction security of digital collection platforms. If consumers do not take precautions, they are likely to be deceived and suffer damage to their own rights and interests.