VGC, a Chinese Stock Image Agency, Tests NFT Marketplace
The tool, named "Vault by 500px," launched its beta edition on Wednesday and is supposed to give "a new source of income for manufacturers," according to 500px, an online photo-sharing site.
500px, which VGC acquired in 2018, has listed several NFTs for sale on the new platform, the most expensive of which is 0.71 ETH (US$1,266) at the time of publication.
"We help creators be part of a growing and engaging community while allowing them to mould their work and exist as NFT," 500px said on Wednesday.
Supplier of stock images worldwide Last week, Getty Images announced the introduction of an NFT marketplace and digital collectibles on the Palm sidechain, which is built on the Ethereum virtual computer. China outlawed cryptocurrency trading in September, but the country has yet to establish clear guidelines for NFT trading. However, the flipping of NFTs has been challenged in China by state-backed organizations.
Despite Beijing's rhetoric against NFT speculation, some mainland Chinese traders are trading on WeChat groups, spawning an industry that feeds the asset class's frenzy.