Author Mu Yin
Source: Industrial Technology
"Will be knocked out in a year"
The wind of NFT blew from the other side of the ocean and changed its flavor.
Following the trend of digital collection speculation in foreign NFT market, it has slowly invaded the university campus and the heart of generation Z. During the period of strong financial attributes, black production and frequent hype, a hype and harvest game of selling souls under the disguise of digital collections continues.
"Within a year, all digital collection hype platforms will be knocked out!"
As an executive of a payment company, Wang Yu (a pseudonym) has seen all kinds of strange trading scenes, but it is difficult to understand the value of digital collection trading. He was very disappointed that his peers scrambled to access the payment system for the digital collection hype platform for the sake of interests.
In the view of more people in the industry, the value of digital collections is small, and the function is just viewing. The user's purchase process does not involve the transfer on the chain, but the transfer of centralized ledger records. The user does not master the private key on the chain, which means that the user has no ownership of the digital asset.
Lawyer Xiao SA, appeal member of China Internet Finance Association, once said that the rights and interests enjoyed by digital collection buyers are significantly different from those of NFT issued on overseas public chains.
"Under normal circumstances, the complete NFT holders should enjoy exclusive rights similar to real rights, with the rights of possession, use, disposal and income, but the rights enjoyed by digital collection holders are different. At present, China's digital collection buyers mainly enjoy three kinds of rights and interests: the right to know the work information, the right to watch and the right to transfer gifts."
Doubts about rights and interests do not matter. If they are stained with the concept of NFT, they will open up space for speculation. On the head digital collection platform hotlog, it can be seen that 60 pieces of lottery to buy a digital collection can be sold for 10000 or 20000.
Yang Jian, who sold for 59.9 yuan on hotdog, was fired to 22888 yuan
"Different from the dismal experience of entities, the virtual economy foam caused by the hype of digital collections inevitably makes people feel magical." Wang Yu believes that the speculation of digital collections is suspected of harvesting. Just like P2P in those years, there will be chicken feathers after a thunderstorm.
In fact, on the eve of the thunderstorm of digital collection speculation, the risk has begun to overflow. It is not only hyped that the price is high, but also involves the risk of invading the campus and capital transaction.
In early May, the security office of Jiangxi Pingxiang University announced that the school found that a few students of some colleges downloaded apps of digital asset platforms such as ztag and hotdog. After the identification of the public security organ, this kind of platform is suspected of online fraud. All secondary colleges should pay high attention to it and remind students not to download, trust or invest.
The storm of digital collection speculation is still spreading. A popular piece is that the Post-70s fry real estate, the post-80s fry stocks, the post-90s fry money, and the post-00s fry digital collections. There is no digital collection in the blind box. After 00, the student group enters with funds.
On the other hand, there are some problems in the digital collection market, such as low threshold and imperfect access rules. The participating institutions are mixed. The price of some collections is fried too high, and the price collapses or in a flash.
Along with the shrinkage of assets is the hidden capital pool risk of the platform and the hidden danger of the boss running away with money.
From the mutual tearing between the employees and the boss of the digital collection platform, we can get a glimpse of the wild stories and the appearance of all living beings in the digital collection market.
On May 16, the employees of the digital collection platform Xiangxun sent a document "I wish Xiangxun would close down soon!" on the official wechat official account, Take the lead in uncovering the chaos of the digital collection market. The article said that the project leader asked the technical team to develop a mature data collection platform within 20 days. Because the technical team was difficult to achieve, he was verbally abused by the leader and collectively dismissed.
In the early morning of May 17, Xiangxun updated its tweet "Xiangxun, statement on wechat official account articles", saying that the content of the article "I wish Xiangxun to close down as soon as possible" was seriously inconsistent with the facts, seriously tarnishing the company's image.
Following Xiangxun, "TT digital collection" also announced that because the boss failed to resist the temptation and misappropriated the platform start-up funds to invest in Ibox digital collections, resulting in huge losses, the platform has been unable to operate, and the technical team has also been dismissed.
The employees of the digital collection platform went to the stage from behind the scenes to seize official channels to speak for rights protection. If the digital collection platform is difficult to protect the rights and interests of its own employees, how to protect the rights and interests of consumers.
The problem is not only in small and medium-sized digital collection platforms, but also in the head digital collection platform.
It is understood that Ibox mentioned in TT digital collection announcement is one of the well-known digital collection platforms at present. It has attracted much attention because it has repeatedly photographed collections with sky high prices of tens of thousands of yuan or even 100000 yuan. Recently, the digital collections in Ibox platform suffered a large number of sales, resulting in heavy losses for some investors, including TT digital collection boss.
When the positions of digital collection players have shrunk significantly, the risk of speculation has been exposed. When some consumers want to leave, they find that the withdrawal of cash from the platform is limited, and the problem of capital security behind also surfaced.
Since May, hotdog, Ibox and other data collection platforms have frequently carried out service suspension updates, causing users to worry about their running. At the same time, the official of the digital collection platform announced the introduction of a third-party payment company as a fund custody channel.
At present, the regulatory rules for the digital collection market have not been issued, and many third-party payment companies provide payment and settlement systems for digital collection platforms that support transactions in the secondary market.
For example, digital collection platforms such as unique art, hotdog and Ibox have opened secondary market trading functions in the platform. In the field of digital collections, it actually assumes the identity of the exchange and charges secondary transaction fees.
Even if the head digital collection platform has completed the upgrade of the payment system, the funds are paid and deposited through a third-party payment company, which can avoid the second clearing of the platform without a payment license.
However, relying on the deposit and custody of payment companies, there is a risk of capital security. When the platform initiates the capital clearing instruction, the capital risk of merchants is difficult to balance.
In some initial market and secondary market transactions, the digital collection platform itself has attracted a large amount of funds, coupled with the withdrawal restrictions from t + 1 to t + N, and the centralized operation mode makes it have great capital pool risk and running risk.
The fog of capital security is difficult to penetrate, and the operation of digital collection platform is chaotic.
Many third-party payment practitioners told industrial technology that they are not optimistic about the speculation prospect of digital collections, just like P2P in the beginning.
From the perspective of business development trajectory, the upsurge of digital collection speculation is somewhat similar to the previous P2P lending.
Both are imported. P2P imitates lendingclub, the originator of online lending, and digital collections imitate NFT. Its model risks are difficult to control. P2P transactions attract users with high interest rates, and there are problems such as false investment targets and overflow of capital pools.
In the late stage of P2P development, P2P platforms have sought to deposit funds from payment companies and banks to endorse the platform. Today, digital collection platforms have also sought fund custody and issued high-profile announcements to promote their compliance.
The results of P2P are well known. In the end, the risk erupts, the thunderstorm strikes, and the supervision comprehensively rectifies its chaos. The digital collection platform for secondary market transactions is now also accompanied by order locking, black production and price speculation. The digital collections purchased by users have no ownership, and the investment funds are also under the control of the platform.
"It is clear to those who make payment. The capital risk of the existing digital collection trading platform is very high. Only bold payment companies dare to take risks." Insiders admitted.
Wang Yu believes that the practical significance of the deposit of the payment company is not great. Moreover, the payment company cannot do the account of deposit, and the bank behind it is.
Withdrawal problems occur frequently. According to the complaint information, the events related to the failure of withdrawal and receipt of cash on the digital collection platform are not an example. The complained platforms include nuofenti, Ibox and onemate.
Some users reported that hotdog also has the problem of transaction withdrawal. According to the complaint information, in addition to the delayed arrival of cash withdrawal, hotdog also involves problems such as the seal, which makes the funds recharged in the platform unable to be taken out, the collection failed to arrive, delayed refund and so on.
At present, there are many restrictions on the withdrawal of the digital collection platform that has opened the secondary market. Taking the only art platform as an example, users can withdraw cash only once a day, and the withdrawal limit is 100000 yuan per day. If the withdrawal amount is less than 100 yuan, it is limited to withdraw cash twice within 15 days.
Once the withdrawal is limited, the transaction funds may precipitate in the platform, and who will ensure and supervise the safety of the funds is particularly important.
The capital risk of digital collections involves the risk of clearing the platform. Without a payment license, the platform skipped the fund supervision account and participated in fund clearing as a large merchant. This will lead to the risk of capital pool, which is specifically reflected in the delayed arrival of cash withdrawal, the running of funds and the misappropriation of funds.
On the other hand, the payment of funds deposited by the company by a third party may also induce capital risk.
At present, in terms of payment method, Ibox also chooses the third-party payment platform Yibao payment in addition to bank card. In order to eliminate users' concerns, Yibao payment also issued a special announcement to explain the security of transaction funds.
Hotdog platform has also recently completed the update and upgrading of payment channels. It said that after the upgrading of the third-party payment system, the hotdog platform itself does not touch the settlement funds paid by users, and all funds are paid and deposited through a third-party licensed institution.
Hotdog currently cooperates with the third-party payment system, which is led by Xinyi payment and cloud flash payment. Previously, hotdog's third-party payment channel also included Yibao, Shande payment and wechat payment.
Some users said that the payment method of hotdog changes from time to time. Some can use it today and can't use it tomorrow, which gives people a very informal feeling. "Even the payment is unstable, and the capital may not be safe. If you say no, it's gone."
According to statistics, shouxinyi payment and Yibao payment are the third-party payment channels accessed by many head digital collection platforms. The above payment companies have also become the depository of funds in the mouth of the digital collection platform.
For the digital collection platform with secondary trading market, it does not meet the regulatory requirements. In addition, the price speculation in the platform is fanatical, and there are hidden dangers in consumer assets. Facing the scenario risk of digital collection platform, third-party payment companies, as licensees, should cooperate prudently.
According to public data, in September 2019, yizhifu Technology (Beijing) Co., Ltd., the main company of shouxinyi payment, was fined and confiscated a total of 15.9951 million for a number of violations. It includes the failure to implement the provisions on the integrity, authenticity and traceability of transaction data, the failure to review and retain merchant data as required, the failure to deposit and use customer reserves as required, and the failure to perform customer identification obligations as required.
Although the digital collection platform is connected to the third-party payment system to open a fund supervision account for the platform to avoid second clearing, most of the time, the platform has the authority to initiate clearing and cash withdrawal requests instead of merchants, and the payment company settles according to the request.
This means that the platform has a certain degree of control over the capital clearing of digital collection transactions.
(Digital Collection) what the platform calls fund custody is just talking. The account of the platform in the payment company is known as the regulatory account, but it has no real regulatory significance and is difficult to regulate the actual use of funds. " An executive of a head third-party payment company said that the real capital supervision should meet the requirements of the people's Bank of China, and the regulatory action may come soon.
Some payment practitioners also believe that "usually, the payment company itself puts the funds in the reserve account, and then pays them out according to the instructions. This instruction must be sent by the platform. If the platform does not do evil, although the funds have no risk, once the platform does evil, the payment company simply cannot distinguish the authenticity of the instructions issued by the funds."
It is worth noting that the risk of digital collection transaction scenario is high. At present, there is no digital collection platform relying on bank deposit. According to people familiar with the matter, banks will not take risks to participate in such businesses. Even if payment companies participate, payment companies such as wechat, Alipay and cloud flash payment will try their best to choose digital collection platforms that do not involve secondary transaction business.
With the rise of digital collection speculation, third-party payment companies have also encountered new outlets. Industry insiders said, "the rate of APP online payment channel is generally 0.7% - 1.2%, and the billing rate of digital collections can reach about 1%. For payment companies, this is a very attractive fat." In addition to channel rates, payment companies can also charge considerable interface fees, user management fees, etc.
Or worried about risks, payment companies generally remember the rights and responsibilities clearly in the user agreement. For example, in the disclaimer of the wallet agreement, Yibao payment clearly pointed out that 1. Yibao will not be responsible for the failure to provide normal services due to system shutdown, maintenance or upgrading, improper operation of users, and failure of software and hardware of user equipment and communication line / power supply line. 2. We are not responsible for the suspension, interruption, termination of service, transaction error, data loss and other losses of the system due to force majeure.
Some relevant media inquired about user withdrawal, compliance risk and other details to Yibao payment and shouxinyi payment, but failed to get a positive reply.
From the perspective of regulatory attitude, it is not allowed to set up exchanges to open NFT trading at present, which also means that any disguised NFT free trading is not compliant. Although domestic players weaken NFT attributes with the help of concepts such as digital collections and NFR, opening a secondary market provides convenience for their speculation, which also breeds foam and risks in essence.
In addition, the digital collection market has set off a wave of speculation in the name of collection, viewing and blockchain. All kinds of platforms are confused, which is very easy to damage the rights and interests of consumers. Before the arrival of clearer regulation, various marginal behaviors also led to many risks, such as the proliferation of black products and non-compliance payment.
It is difficult to distinguish between true and false depositors, but the risk of speculation is true.