OnlyArt Mini Program Breaks Promises, Digital Collectibles Market Struggles in Saturated Competition
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OnlyArt Mini Program Breaks Promises, Digital Collectibles Market Struggles in Saturated Competition
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Navigating Web3 tides with focused insightsBy Mu Mu
Just when people thought China's digital collectibles sector had left behind nothing but chaos and was completely dead, the digital collectibles platform Youyiwangshu announced its collaboration with Tencent to relaunch a "compliant digital collectibles WeChat mini-program."
After the overall downturn in digital collectibles since 2022, digital collectibles platforms experienced a dramatic rise followed by a sharp fall. Prominent names like Huanhe ultimately shut down, while lesser-known platforms either closed or disappeared entirely. The digital collectibles market in 2023 was bleak.
In contrast, Youyiwangshu is one of the few remaining digital collectibles platforms still operating in China. It has received two rounds of investment from state-owned capital and successfully launched popular IPs such as "Da Vinci's Egg" and "Crazy Diner," building a loyal user base.
Starting in April this year, while working on launching its WeChat mini-program, Youyiwangshu released a series of MBTI-themed digital collectibles appealing to young users. Priced at 99 yuan and 500 yuan respectively, these collectibles saw their floor prices surge to over 10,000 yuan shortly after release, signaling what appears to be a potential "second spring" for the market.
Despite positioning itself as "compliant," Youyiwangshu’s mini-program has yet to officially launch, and there are no clear signs that WeChat has relaxed its restrictions on digital collectibles platforms. The recovery of the digital collectibles market still faces multiple challenges.
Youyiwangshu’s Mini-Program “No-Show”
On April 23, Youyiwangshu announced it would soon relaunch its WeChat mini-program, claiming in its announcement to be the “industry’s first compliant” platform and expressing hopes to “lead the industry into takeoff.”
Youyiwangshu announces mini-program relaunch
Before its return to WeChat mini-programs, it's important to recall why Youyiwangshu’s mini-program was taken offline in the first place—an event that affected not just this single platform.
In early 2022, WeChat carried out widespread bans on digital collectibles mini-programs, including Youyiwangshu. WeChat stated that digital collectibles services fell under an unapproved service category. Subsequently, dozens of other platforms—including Art Meta, Yidian Shucang, Guicang Metaverse, Huasheng Meta, Yuanben Space, and iBox—also had their official WeChat accounts suspended.
WeChat’s crackdown reflected the broader regulatory response to the chaotic state of the digital collectibles market. Afterward, digital collectibles platforms vanished from WeChat’s vast mini-program ecosystem. Official accounts involved in secondary trading of digital collectibles, including Youyiwangshu’s, were permanently banned. WeChat’s enforcement against digital collectibles communities continues to this day.
Youyiwangshu Service Center official account remains banned
Tong Shitian of Youyiwangshu once said in an interview that the exit of some digital collectibles platforms wasn’t necessarily bad for the industry. He believed that “the current temporary cooling is a reshuffling and directional choice for the industry. After this round of testing, only truly compliant and genuine platforms will remain.”
In reality, Youyiwangshu’s claim of relaunching its digital collectibles mini-program has neither arrived on time nor made it the “first.” WeChat has not eased its control over digital collectibles mini-programs.
Firstly, Youyiwangshu claimed its mini-program would go live “by April 24,” but as of today, it remains unavailable. When contacted, customer service responded, “No specific timeline available; please stay tuned.”
Secondly, a few platforms like “Yue Shucang” still exist within WeChat mini-programs, but they only allow display and primary issuance of digital collectibles. Secondary market gifting functions remain disabled on mini-programs.
What Are the Key Barriers to Reviving the Digital Collectibles Market?
Although Youyiwangshu’s digital collectibles mini-program hasn’t launched yet, the pre-announcement has drawn renewed attention from digital collectibles enthusiasts. Leveraging its strong domestic user base, Youyiwangshu continues to update its digital collectibles content.
Recently, the market performance of Youyiwangshu’s PFP (profile picture)-style digital collectibles, the “MBTI Series,” has attracted significant attention.
Youyiwangshu launches MBTI series on copyright marketplace
MBTI (Myers-Briggs Type Indicator) is a personality assessment tool widely popular among young people. Given that each personality type comes with distinct visual traits, it naturally aligns with the characteristics of PFP-style digital collectibles projects.
The first batch of MBTI series collectibles to unlock liquidity—ENTP and ENFP—were priced at 99 yuan and 500 yuan respectively. Within three days of release, market prices surged strongly, with floor prices briefly exceeding 4,000 yuan. Five days later, the floor price for the ENFP diamond tier even exceeded 10,000 yuan. Currently, floor prices for this series have somewhat declined.
MBTI series digital collectibles spiked then cooled down
Price, a sensitive factor in digital collectibles, reflects both market sentiment and user enthusiasm, while also being subject to regulatory scrutiny aimed at curbing speculation. Clearly, balancing compliance with user engagement remains a key challenge for digital collectibles platforms.
Notably, during its push to relaunch the WeChat mini-program, Youyiwangshu partnered with Yilian, a transaction-level blockchain platform. Public records show Yilian has obtained the Public Security Bureau’s Information System Security Level Protection Filing Certificate (Beijing Filing No. 11010502053916), a Blockchain System Security Testing Report, and Blockchain Information Service Filing (Beijing Internet Information Filing No. 11011223680206740015).
Partnering with a trusted blockchain provider is one way Youyiwangshu seeks compliance validation. Yet how platforms can maintain user engagement under strict compliance remains a test for every operator.
For collectibles like the MBTI series, Youyiwangshu introduced an innovative mechanism called “liquidity unlocking,” which manages liquidity by setting conditions such as holding duration, trading volume, and number of holders—aiming to stabilize market prices. Additionally, Youyiwangshu offers greater incentives to holders of rare collectibles—for example, through a “team leader mechanism” where users who own rare pieces (“captains”) receive commission or royalty rewards based on a portion of future transaction fees.
Youyiwangshu’s comeback emphasizes both “compliance” and “innovative gameplay,” reflecting top-tier platforms’ efforts to revive the digital collectibles market. Beyond these two operational pillars, attracting new traffic directly impacts whether funding scale can expand—explaining why Youyiwangshu places such high importance on the WeChat mini-program.
As stated in its official announcement, the WeChat mini-program previously brought in “4.5 million verified trading users” for Youyiwangshu—key to its rise in 2022.
To date, Youyiwangshu’s digital collectibles mini-program remains in development. If WeChat continues to delay opening access to digital collectibles platforms, these platforms will need to seek alternative channels to attract new user traffic.
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