Tencent Music's first digital collections of music using NFT technology will be available soon and will go live on QQ Music this month, the company announced on Weibo on Aug. 9.
The digital collection uses Tencent's Zhixin Chain, the company said, adding that this digital artwork using NFT technology covers video, audio, vinyl records, and figures.
NFT digital collections rely on blockchain technology, which is sought after in overseas markets for its digital corroboration and permanent preservation, and has few application scenarios in China yet, the company said.
Tencent said last week that its NFT trading app "Phantom Core (ๅนปๆ ธ) " has gone live with a limited first batch of 300 digital collectibles NFTs.
The app, which is part of Tencent PCG, is the group's innovative business, local media said at the time, citing a Tencent insider.
According to the description on the software's download page, users can purchase tamper-evident and indivisible digital cultural goods in the app, and their rights and interests will be permanently recorded on the blockchain.
The full name of NFT is Non-Fungible Tokens, which are units of data stored on the blockchain that can represent unique digital items like art.
Because of its irreplaceable nature, NFT can be used to represent something unique, such as an original Mona Lisa painting in a museum, or the ownership of a piece of land.
While mainstream crypto assets like BTC and ETH are also recorded in the blockchain, NFT is different from them in that any one NFT token is irreplaceable and indivisible.
NFTs are "unique" assets in the digital world that can be bought and sold and used to represent some real-world commodity, but they exist in an intangible way.
Currently, most of them are digital artworks or collectible cards. Some are virtual goods, others are packaged in common formats like JPEG and PDF, and only a few NFT tokens are a digital record of physical ownership.
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