3 6 Ke·2025-12-17 02:24Core Viewpoint - JD's digital asset platform "Lingxi" has announced the launch of a gifting feature for digital collectibles, effective from December 15, marking a strategic upgrade in the digital collectibles industry after a period of adjustment [1][2]. Industry Development - The digital collectibles industry experienced significant growth starting in 2021, which was considered the "year of digital collectibles," with major players like Tencent and Ant Group entering the market [2][3]. - Tencent's "Huanhe" platform and Ant Group's "Whale Explore" quickly became leading platforms, dominating the early market landscape [3]. Market Dynamics - A downturn in the industry began in the second half of 2022, with major companies, including Tencent, scaling back their digital collectibles operations due to compliance risks and a cooling market [4]. - The lack of a secondary market and gifting features led to decreased user enthusiasm and sales stagnation for many platforms [4][5]. Regulatory Changes - The introduction of national standards for digital asset transactions and valuation in December 2025 is expected to guide the industry towards a more regulated and structured development phase [4][5]. - These standards aim to fill the regulatory gaps in the cultural digital asset trading and valuation sectors, promoting a more stable market environment [4]. Strategic Positioning - Lingxi's role within JD's ecosystem is seen as an extension of e-commerce value-added services, focusing on user acquisition and retention through innovative models [5][6]. - The platform aims to create a commercial loop by connecting various consumer categories, enhancing the overall user experience [6]. - The future of the industry is anticipated to revolve around compliance, tangible asset anchoring, and experiential marketing, with JD positioned as a potential leader in this new model [6].