The “Research Report on the Development of the Global NFT Market in the First Half of 2022”, co-authored by Shi Xingguo, the founder of Hyperchain, was recently released. The report was drafted by the Guanhuo Culture Digital Industry Think Tank, with the Blockchain Committee of the China Electronic Commerce Association as the policy guide, and co-released by many well-known industry organizations, including Shucang123, Huoxun.com, the Metaverse Industry Committee of the China Mobile Communications Federation, the Shenzhen Retail Business Industry Association, the Metaverse 30 Forum, the Fujian Province Blockchain Association, the Shaanxi Province Blockchain Industry Alliance, the Harbin Institute of Technology (Shenzhen) Blockchain Development Research Institute, Huoda Education, and the Blockchain Committee of the Tianfu New Area in Chengdu.
Shi Xingguo, the founder of Hyperchain, is one of the main authors in the report and has provided important insights in various sections of the report. He has used his unique perspective to provide a more comprehensive and profound understanding of the digital collections industry, also interpret its compliance and future prospects.
Regarding the compliance of the digital collections industry in the report, Shi Xingguo focuses on the three major proposal and policy interpretation. He stated, “I strongly support this proposal. I hope that digital collections can highlight their actual value, promote the and interact well with the real economy, and avoid being too closely tied to finance. The digital collections market is just getting started and has a promising future. We should actively and cautiously promote it, and not throw out the baby with the bathwater.”
He also pointed out that there are currently no laws and regulations specifically for digital collections in China. However, in reality, digital collections often involve internet information, intellectual property, and virtual items. Therefore, in their issuance, use, and circulation, they need to carefully assess compliance risks, especially regarding virtual items and financial attributes. This often requires the assistance of professionals. The entire industry is still exploring and progressing, and he hopes for a healthy environment that allows China’s collections market to keep pace with the world.
In terms of the future trends of the digital collections industry, Shi Xingguo believes that as the digital collections regulatory system continues to improve towards compliance, there is a bright future ahead. He stated that currently, digital art is the main force in the digital collections market and is a relatively simple NFT application model. However, it has already shown the charm of NFT in terms of value expression and equity realization.
He further stated that digital collections, as a form of equity expression, will gradually expand beyond one-time consumption to more diverse scenarios based on equity certificate, secondary creation, or auxiliary marketing and private traffic operation. This will give rise to various business models beyond collection sales. Companies with blockchain technology and innovative business capabilities will gain an advantage in this trend. Those merchants that rely on third-party blockchain services for quick sales of collections will eventually fade away. Users and investors should pay more attention to collection designs related to scarce IP or combined with real world businesses.
Regarding the recently released “Opinions on Promoting the Implementation of the National Cultural Digitalization Strategy” by the Central Committee of the Communist Party of China and the General Office of the State Council, Shi Xingguo believes that it encourages the synergy and trading of cultural data, which mainly requires the improvement of cultural infrastructure and service capabilities. The opinions provide a forward-looking deployment requirement for regulatory measures. The synergy and trading of cultural data are a broader category that does not correspond to the specific concept of digital collections or the specific form of secondary trading. However, he believes that digital collections, as an organic element of the cultural industry, will gradually receive a clearer positioning in the future digital strategy and gradually achieve trading and exchange in regulated situations.
In conclusion, Shi Xingguo believes that a standardized secondary market for digital collections will make the cultural consumption market more active and provide clearer market expectations for cultural producers. He emphasizes that digital collections are more of a cultural consumption attribute, and a regulated secondary market will give rise to more diverse scenarios for equity expression.
Shi Xingguo is a member of the Blockchain Special Committee of the China Computer Federation, the founder of Hyperchain, a senior practitioner and technical expert in the internet and operating system industries, a winner of the National Science and Technology Progress Award, the inventor of parallel blockchain technology, and the founder of Paralism. He has served as Vice President of the Red Flag Linux Company and Chief Internet Engineer of the Institute of Software, Chinese Academy of Sciences. In 2016, he led the team from Chinese Academy of Sciences to establish Hyperchain Information Technology Co., Ltd., which focuses on parallel blockchain technology and has made important breakthroughs. Its core technology has obtained patent authorization in 27 countries in China, the United States, and the European Union.
Hyperchain is the most advanced parallel blockchain and the first parallel blockchain to receive patent authorization internationally. Its core team comes from the Chinese Academy of Sciences and is China’s earliest and most professional blockchain technology and product development team. Hyperchain’s groundbreaking parallel blockchain technology has overcome key technical bottlenecks in blockchain, such as performance, scalability, and capacity, and can comprehensively support public chains, consortium chains, and private chains. It also has the ability to support backbone-level value transmission and storage on the internet, and is currently the only blockchain technology that can meet the requirements of enterprise development and industrial transformation. As the creator of the parallel blockchain technology system, Hyperchain Technology is currently the only provider that can provide parallel blockchain products, consulting, customized solutions, and services internationally and domestically.