Visual China Group (VCG) launches platform for NFTs

China’s largest photo and video provider, Visual China Group, is currently testing an NFT platform.

The VCG project with its new platform

The new Visual China Group (VCG) project is quite well advanced. According to the information circulating, a beta version of its new platform is already available and is called “Vault by 500px”. It was posted last Wednesday. VGC explained that the site will use the blockchain in order to “to empower the production, protection and transaction of digital copyrights”.

A day after launching the beta version of its new platform, Vault presented 15 new artworks which are available for purchase using ether (ETH). The most expensive NFTs in the lot were around 0.71 ETH, or $1,370. Vault expects its platform to have more than 500,000 registered artists with over 20 million users in 195 countries around the world.

After the launch of the platform, shares of VCG rose above the 10% daily limit. They reached around 14.34 yuan after already gaining 10% on Wednesday.

NFTs designated as digital collectibles

With VCG’s new project, it becomes apparent that the company is planning to make a nice foray into the NFT space. In December, she had already launched a national platform called Yuan Shijue, which means “meta-visual”. Yuan Shijue supports “digital collectibles”, a term commonly used in mainland China for NFTs to avoid this technology being associated with cryptocurrencies. These objects are bought with yuan.

Launched in 2000, VCG was the first image licensing company in China. It has become the official distributor of the Getty Images library in the country since 2006. However, its dominant position in the market as well as its business practices have caused a wave of criticism against him in recent years.

In 2019, VCG falsely claimed copyright for the image of the Messier 87 black hole captured by the Event Horizon Telescope. The image, which was released to the public for free, actually belongs to the collaborative project that produced it using a network of radio telescopes. As a result of this controversy, the Chinese internet regulator has closed VCG for a month.

China-based VCG recently launched the beta version of its new platform where users can purchase digital collectibles, NFTs. She predicts that the platform’s popularity will increase significantly over time, in China and elsewhere.

Source : South China Morning Post

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Visual China Group (VCG) launches platform for NFTs


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