The late Chinese Qing era painter Wu Changshuo’s artworks continues to live on as Tencent’s Huanhe NFT platform released NFTs showcasing his artworks. The Wu Changshuo NFTs immediately sold out upon its release.
According to a Forkast report, all 28,000 copies were instantly sold out after the NFT launch, indicating that there is still a large demand for these kinds of assets in China.
Wu Changshuo was a well-known late Qing Period painter, calligrapher, and seal artist. He worked as an imperial officer in Liaoning prior to the Great Qing’s demise.
The NFTs originally priced at 128 yuan, approximately USD 19.21 each, are now selling roughly for 450 yuan to 500 yuan on Xianyu, China’s largest second-hand goods online marketplace.
According to Christie’s, Wu Changshuo’s artwork was once sold for HKD 18.25 million, approximately USD 2.3 million in December 2020 revealing the impact of his works even after almost a decade.
Even though NFTs are thriving in the Chinese market, Chinese authorities want to curb NFTs’ speculative behavior in financial products and securitization. Last month, the authorities released a statement advising users to avoid speculative investments into NFTs, and stay away from illegal financing activities.
