Chinese tech giant Baidu enters the NFT market, airdropping over 20,000 tokens

Baidu became the third Chinese company to launch an NFT marketplace after Alibaba and Tencent.

A stock image of the NFT marketplace on smartphone with the flag of China in background.

Although the marketplace is set to open in late March, Baidu has already started to distribute NFTs of the cartoon characters Talking Tom Cat and Ali the Fox. The NFTs will be given away in three rounds, 8,888 Talking Tom Cats on March 10 and 12, and 3,160 rare Alis on March 16.

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Despite the Chinese government's crackdown on cryptocurrency mining and trading, the NFT industry in the country is doing well. The “digital collectibles”, a phrase often used to avoid the term NFT, are in high demand on the secondary market. However, regulators pledged to combat speculation, imposing a 180-day lock-up period for newly bought tokens.