Traditional open e-commerce marketplaces like Taobao and Tmall are impersonal and dull, avid salespeople and business owners suggest, keeping brands removed from a true connection with shoppers.
Wang is among the thousands of entrepreneurs in China using WeChat to capitalize on a marketing trend that has taken the country’s e-commerce industry by storm: private traffic. They also want to feel that you really love them.” Wang told Rest of World that the chat groups, which she runs with her colleagues, bring in more revenue than their four physical retail stores combined. Her friendly rapport has paid off in orders placed by the thousands. On International Women’s Day, she sends them all virtual red packets containing small cash rewards. When someone complains about a bad day, Wang is immediately there with comforting advice.
#Wechat china tv
The entrepreneur runs Korean-style womenswear stores in four major Chinese cities, but on WeChat, she’s online around the clock, ready with gossip about popular TV shows, Covid-19 news, fashion trends, even advice on the best camping spots.
Popular platforms such as WeChat and Ant group-owned WhaleTalk have been distancing themselves from the tech since March after they both reportedly began removing or restricting NFT platforms from their networks over a lack of regulatory clarity and fear of a crackdown from Beijing.ĭespite this, a local media report from Thursday highlighted data showing the number of digital collectible platforms in China has grown to over 500, a five-time increase since February 2022.To her hundreds of customers, Wang Yuanyuan is more of a friend than a salesperson. Related: Christie’s NFT expert to lead CryptoPunks, fake heiress launches NFT collection In general, officials have frowned upon NFTs, with the China Banking Association, the China Internet Finance Association and the Securities Association of China issuing a joint statement in April warning the public about the “hidden risks” of investing in the assets. Still, companies and platforms generally bar secondary trading to avoid potential compliance issues over the financialization of the tech.
#Wechat china update
However, given the timing of the latest policy update on WeChat, it could suggest the platform has been letting some crypto activity go unnoticed since then.įurthermore, there is still a regulatory gray area in the country concerning NFTs as the assets can be purchased in fiat. The Chinese government rolled out a phased ban on the local crypto sector between May and September last year. In terms of punishments, the new policy states that “once such violations are discovered, the WeChat public platform will, according to the severity of the violations, order the violating official accounts to rectify within a time limit and restrict some functions of the account until the permanent account is banned.” WeChat with more than 1.1 billion daily active users in China, has updated its rules: WeChat public accounts which involved in the issuance, trading and financing of crypto and NFTs will be limited function or banned. The move was highlighted by Hong Kong-based crypto news reporter Wu Blockchain (Colin Wu) on Monday, as he pointed out the significance of the action given that WeChat has more than 1.1 billion daily users in China. The policy also covers secondary NFT trading, with the firm noting that “accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with in accordance with this article.” Under the new guidelines, accounts involved with the issuance, trading, and financing of crypto and NFTs will be either restricted or banned and will fall under the “illegal business” category. The top social media platform in China, WeChat, has updated its policies to ban accounts that provide access to crypto or nonfungible token- (NFT)-related services.
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