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Compiled by: Tim, PANews

PANews Note: The content of this article is only the author’s personal opinion, not investment advice, DYOR.

Bitcoin hits all-time high of $123,000, but when will altcoins pull back?

I looked back at the last three Bitcoin breakouts to look for patterns, and now the signals are finally coming back.

What’s next for ETH, SOL, XRP and other mainstream currencies?

Bitcoin is in the price discovery stage, but altcoin momentum has stalled, and large-capitalization coins have yet to take off.

Let’s see what happens when the market breaks out?

Every time Bitcoin breaks out of the market since mid-2023, it triggers a collective rebound in altcoins:

After each breakthrough, altcoins will usher in a 3-5 week outbreak window period. Then Bitcoin enters consolidation, its dominance recovers, and the gains of altcoins are swallowed up.

Now, we are in a similar scenario:

Bitcoin has broken through the resistance level of $107,000 and is currently rising to $123,000, which may hit the $150,000 mark.

If the laws of history hold true, we are now at the beginning of a new round of copycat season.

But beware: this is not a half-year-long altcoin carnival season, but a sprint.

Bitcoin dominance has not fallen below key levels, so this is not a full-blown alt season.

If Bitcoin dominance stops rising, altcoins will still rise. That's exactly what happened the past two rounds.

The trends of the three major mainstream currencies, Ethereum, Solana, and XRP, have clearly diverged.

Ethereum lagged behind Bitcoin significantly in late 2023, but has gradually bottomed out on every pullback since.

Solana took the strong lead early on, but now its momentum is almost stagnant.

XRP started out weak but experienced explosive gains after last year’s U.S. election.

Signs of capital rotation are obvious

An obvious phenomenon currently is that payment tokens have been launched first:

XRP, XLM, HBAR, IOTA, ALGO, XDC

“Bank tokens” that comply with ISO20022 standards are taking the lead in gaining favor from funds

Large market capitalization coins that have not yet been launched will be my focus:

These are the core rotation targets.

If Solana begins to gain funding, its ecological tokens are worthy of attention:

BONK has soared 89%, and PENGU has become the most popular Meme in the crypto Twitter circle

Layer 1 imitation disk relay: Sui, Aptos, AVAX (not started since November 2023)

TAO and PEPE performed well in 2023:

They display powerful narratives when Bitcoin rises. If a new "shining narrative" emerges, we need to act decisively.

What is my current trading plan?

Fund rotation is the key, do not blindly chase the rise.

Altcoins may usher in a strong cycle of 1 to 2 months, but history always warns: stop when you see good times, don’t be greedy

If Bitcoin reaches US$150,000, the top 20 currencies by market capitalization may collectively follow suit, and some assets may experience huge compensatory increases.

Operate rationally, hold strong tokens, and decisively abandon positions on stagnant stocks.

Maintain a bullish mentality and don't fall into a blind carnival. Keep an eye on Bitcoin dominance and observe BTC trading pair activity.

Although the current period is not a frenzied cycle like 2017 and 2021, it is still a solid and reliable window period. Small market capitalization currencies will eventually rotate, but they need to wait for the opportunity.

"The Ray framework aims to solve many challenges in distributed computing and provide developers with an efficient and flexible tool to build and run distributed applications in Python."

What is Ray?

In the context of today's rapidly changing technology, with the surge in data processing requirements and the emergence of complex computing tasks, traditional computing models are no longer able to support large-scale, high-efficiency computing requirements. Distributed computing technology is on the rise, and the Ray framework stands out. It is specially designed to solve distributed computing problems and creates an efficient and flexible distributed application development platform for Python developers. In recent years, with its excellent performance, high flexibility and user-friendliness, Ray has become the preferred solution for many developers, researchers, Internet companies and AI companies. Ray, this open source distributed computing framework, originated from the wisdom of the RAPID team at the University of California, Berkeley. Its core mission is to simplify the development process of distributed systems, especially for applications in the fields of machine learning and data science. Ray's design philosophy is to achieve the convenience of stand-alone development while ensuring seamless expansion to large-scale cluster environments.

Ray’s main features distributed computing capabilities

Ray gives developers the ability to parallelize Python code and make full use of multi-core processors and distributed computing resources. Its core components include:

· Task: The basic calculation unit, which can be any Python function.

· Scheduler: Responsible for dynamically scheduling the execution of tasks to ensure efficient utilization of resources.

Dynamic task scheduling

Ray's scheduler can flexibly manage task execution based on the real-time status of the system and resource availability. This means that developers do not need to pay attention to the specific execution order of tasks. Ray will automatically handle the dependencies between tasks, significantly improving development efficiency.

Actor model support

Ray's Actor model allows the creation of objects with persistent state – actors. Each actor maintains state during its life cycle and communicates with other actors through message passing. This design greatly simplifies the construction of complex applications, especially in concurrent processing and state sharing scenarios.

Strong ecosystem

Ray is not only a basic framework, but also equipped with a powerful tool library to meet diverse application scenarios:

· Ray Tune: A library focused on hyperparameter optimization that supports multiple optimization algorithms and can easily manage experiments.

· Ray Serve: used to deploy machine learning models as an extensible API, supporting version control and hot updates of models.

· Ray RLLib: A library designed specifically for reinforcement learning, providing a set of out-of-the-box algorithms and training tools to support distributed training.

User-friendly API and extensibility

Ray's API design is intuitive and easy to use, with Python syntax as the core, lowering the learning threshold. Its core concepts, such as tasks, actors, and schedulers, are implemented through concise function calls and classes, making it easy for developers to get started. Ray's architectural design supports seamless expansion from a single machine to a large cluster, flexibly responds to resource requirements of different scales, and is very suitable for production environments.

Ray application scenarios

The Ray framework has demonstrated excellence in many areas, especially in:

In recent years, Ray has made significant progress in simplifying the development and deployment of AI models and improving computing efficiency, becoming the framework of choice for many AI companies. The RLlib library provides strong support for reinforcement learning, including multiple algorithm implementations and efficient distributed training capabilities. Ray also provides a distributed computing framework for the expansion of large language models (LLMs), supports efficient model training and deployment, and helps developers quickly process language tasks. For applications that require training multiple models at the same time (such as time series prediction), Ray ensures that model training tasks can be executed in parallel and efficiently through efficient resource management and task scheduling. Ray Tune simplifies the hyperparameter tuning process, supports automated parameter search and experiment management, and helps developers find optimal model configurations. Through Ray Serve, developers can easily deploy machine learning models as high-performance, scalable services to meet real-time prediction and response needs. Using Ray, developers can scale batch inference tasks from a single GPU to a large cluster and accelerate the inference process by processing input data in parallel, which is particularly critical in scenarios such as image recognition and natural language processing.

Summary and outlook

The Ray framework provides developers with powerful and flexible tools to address distributed computing challenges. By simplifying the development of complex distributed systems, Ray not only improves development efficiency, but also supports the deployment and management of large-scale applications. As data science and machine learning continue to advance, Ray will continue to play a key role in promoting efficient computing and innovative applications. Overall, the Ray framework is a noteworthy and powerful tool, especially for developers who want to build high-performance distributed applications in Python. Whether in research, development or production environments, Ray can provide efficient and reliable solutions to help developers succeed.

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The most detailed interpretation of the Expert Hybrid Model (MoE) on the entire network: Expert and router large model data engineering practice: ArenaLearning builds a large-scale data flywheel by simulating the LLM arena. The Tsinghua team proposes an AI agent information navigation mechanism to make agent communication more effective.

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Ethereum is an open source public blockchain platform with smart contract functions that conducts transactions through its dedicated cryptocurrency Ether (ETH). The concept of Ethereum was first proposed by programmer Vitalik Buterin in 2013 and officially launched on July 30, 2015. The Ethereum platform allows developers to build and use decentralized applications running through blockchain technology on the platform.

The development history of Ethereum

The development of Ethereum has gone through several important stages. Initially, the founding team of Ethereum raised funds through ** to develop and promote the Ethereum platform. In July 2014, Ethereum completed a 42-day ** and raised a total of more than 18 million US dollars in Bitcoin. This was one of the most successful ** projects in history at the time.

On July 30, 2015, the Ethereum network was officially launched, marking the official launch of the Ethereum blockchain. Subsequently, Ethereum has undergone several important upgrades, including Homestead, DAO, Metropolis, and Constantinople, etc. These upgrades are designed to improve the security, efficiency, and scalability of Ethereum.

Technical features of Ethereum

At its core, Ethereum is a blockchain, similar to the Bitcoin blockchain, but more powerful. The Ethereum blockchain not only supports cryptocurrency transactions, but also supports the execution of smart contracts. A smart contract is a computer program that automatically executes, controls, or documents legal events and actions. Its purpose is to communicate, verify, or enforce the terms of a contract in an information-based manner.

Ethereum's smart contract functionality makes it a versatile platform that can be used to create a variety of decentralized applications (DApps), which can cover many fields such as finance, supply chain, gaming, identity verification, etc. This flexibility and scalability of Ethereum makes it an important player in the field of blockchain technology.

Ethereum’s consensus mechanism

Ethereum initially used the Proof of Work (PoW) consensus mechanism, similar to Bitcoin. In the PoW mechanism, miners verify transactions by solving complex mathematical problems and receive newly generated Ether coins as rewards. Ethereum plans to shift to the Proof of Stake (PoS) consensus mechanism in the future to improve the security and efficiency of the network.

The PoS mechanism requires participants to "pledge" a minimum number of Ethereum coins to participate in the network's verification process. This mechanism can reduce energy consumption, improve the network's ability to resist attacks, and minimize risks.

Ethereum price fluctuations

The price of Ethereum is affected by many factors, including market demand, technological development, regulatory policies and macroeconomic environment. Since Ethereum is a cryptocurrency, its price is highly volatile, and investors need to carefully assess risks.

The fluctuations in the price of Ethereum are not only affected by its technological development and application scenarios, but also by the overall trend of the global cryptocurrency market. When the market's acceptance of cryptocurrencies increases, the demand for Ethereum may increase, thereby driving the price upward. On the contrary, when the market is pessimistic about the prospects of cryptocurrency, the price of Ethereum may come under pressure.

Changes in regulatory policies also have an important impact on the price of Ethereum. Different countries and regions have different regulatory attitudes towards cryptocurrencies. Some countries may impose restrictions on cryptocurrency transactions and use, which may affect the circulation and price of Ethereum.

The future development of Ethereum

The future development of Ethereum will focus on improving the scalability, security and efficiency of the network. Ethereum 2.0 is an important upgrade of the platform, aiming to solve the bottleneck problem of the current Ethereum network by introducing sharding technology and PoS consensus mechanism.

Sharding technology can divide the Ethereum network into multiple smaller networks. Each network can independently process transactions and smart contracts, thereby improving the processing capacity of the entire network. The PoS consensus mechanism can reduce energy consumption and improve the security and attack resistance of the network.

In addition to technological upgrades, the future development of Ethereum will also rely on the expansion and cooperation of its ecosystem. The Ethereum community is actively promoting interoperability with other blockchain platforms to promote the flow of assets and information between different blockchains. Ethereum is also exploring connections with real-world assets, such as the digitization and decentralization management of assets through decentralized finance (DeFi) applications.

Challenges and opportunities of Ethereum

Although Ethereum has an important position in the blockchain field, it also faces some challenges. Ethereum's scalability problem has always been a bottleneck in its development. As the Ethereum network becomes increasingly congested, transaction fees and confirmation times may increase, affecting user experience.

Ethereum needs to deal with competition from other blockchain platforms. With the rapid development of blockchain technology, more and more platforms are beginning to emerge. They may provide higher performance, lower fees, or more advanced features, thereby posing competitive pressure on Ethereum.

Ethereum is also facing huge opportunities. With the popularization of blockchain technology and the expansion of application scenarios, Ethereum's market demand may continue to grow. Ethereum's technological innovation and ecosystem expansion may bring more partners and users to it, thereby promoting its development.

Ethereum Community and Governance

The success of Ethereum relies heavily on its strong community and open governance model. The Ethereum community includes multiple participants such as developers, miners, users, and investors, who jointly participate in the decision-making and development direction of Ethereum.

Ethereum's governance model is decentralized, which means that no single entity can control the entire network. Instead, Ethereum's decision-making process involves extensive discussion and voting by community members. This open and inclusive governance model helps Ethereum adapt to the changing market and technical environment, while also ensuring the security and stability of the network.

Ethereum security issues

Although Ethereum is designed to be highly secure, it still faces some security challenges. The complexity of smart contracts may lead to security vulnerabilities, and hackers may exploit these vulnerabilities to carry out attacks. The decryption characteristics of the Ethereum network also make it more difficult to track and combat hacker activities.

In order to deal with these security challenges, the Ethereum community is continuously strengthening its security measures, including developing more secure smart contract programming languages, implementing stricter auditing and monitoring mechanisms, and establishing more effective emergency response and recovery plans.

As an innovative blockchain platform, Ethereum has broad prospects for development and application. It also needs to constantly respond to technical challenges, market competition and security issues. Through technological innovation, community cooperation and open governance, Ethereum is expected to play a greater role in the future blockchain field.

What are NFTs? Why is it called a "digital collection"? Can ordinary people play it?

In the past two years, you must have heard the word "NFT". Sometimes it is said that "NFT circles are selling at sky-high prices", and sometimes it is said that "a certain celebrity issues NFT". When you open Alipay, you can also see "digital collections". Many people are confused: What is this? Does it have anything to do with me?

Today I explain it clearly in plain language. Even if you are a complete novice, you will understand it after reading it.

First understand: What exactly is NFT?

In a word: NFT is a unique digital certificate on the blockchain.

We usually save pictures and text on the Internet, and after copying and pasting them, they are exactly the same, and it is impossible to tell which is the "original". But NFT is different. It registers every piece of digital content (pictures, music, text, and even a tweet) on the blockchain and issues it a unique "ID card" that cannot be copied or tampered with.

For example:

You find a Jay Chou wallpaper online, save it to your phone and it’s yours to repost as you please. But if this wallpaper is made into an NFT, even if you save the picture, the "genuine" certificate on the blockchain is still in the hands of the original owner, and the entire network can find out who really owns it.

Therefore, the core of NFT is not the picture itself, but the non-tamperable ownership certificate on the chain.

So why are they called "digital collections" in China?

In fact, domestic digital collections are essentially a castrated version of NFT.

Why the name change? Because NFT was initially used for speculation abroad, prices fluctuated sharply, and it also involved financial attributes, which was not allowed by regulation. Domestic platforms renamed NFT "digital collections" and imposed two main restrictions:

Public trading and speculation are prohibited: they cannot be bought and sold casually like stocks. Most can only be collected or donated, and some cannot even be donated. Most do not run on public chains: foreign NFTs generally run on the Ethereum public chain, and many domestic platforms use their own alliance chains, which is more convenient for supervision.

So to put it simply: digital collection = NFT without financial speculation attributes. The core is to send you a certificate that "you own this digital content". It is mainly used for collection and cannot be used for speculation.

Do ordinary people want to participate in NFT/digital collections?

There are two situations:

If you just like it and want to buy it for collection: absolutely fine

For example, if you like a certain artist's work or a certain animation IP, and you spend tens or hundreds of dollars to buy a digital collection and look at it happily in your hands, that's totally fine. Just treat it as buying peripherals, supporting your hobby, and don’t invest too much money.

If you want to invest and make money: give up as soon as possible

Nowadays, many people are deceived by the news of "sky-high price NFT" and think that just buying one can increase the price dozens of times. This is simply overthinking:

Finally, I would like to remind ordinary people of three risks. Platform risks: Domestic small platforms will disappear if they say no. The digital collections you buy are stored on the platform server. If the platform collapses, your collections will no longer have the risk of fraud: many scammers defraud money under the guise of "transferring high-priced NFTs at low prices". In fact, what they give you is a screenshot, and there is no on-chain certificate at all. Legal risks: A platform that secretly conducts public transactions is itself against the rules. If you participate, whether the money can come out depends on the mood of the platform, and it is not protected by law. To summarize

NFT is a good technology. It solves the problem of "ownership" in the digital world. There will definitely be more application scenarios in the future (such as digital tickets, digital copyrights, and game props can all be used). But for ordinary people, now it is:

You can have fun with it if you like, but don’t think about making a fortune from it, let alone invest your wealth into it.

Have you ever purchased a digital collection? Do you think this thing will be popular in the future? Welcome to chat in the comment area~

In our country, about 10 million Internet users die every year. What they left behind was not only family affection and memories, but also a huge and silent digital kingdom: WeChat and Alipay balances, game accounts, self-media accounts, digital collections, as well as chat records, cloud photo albums, etc.

As current digital technology is deeply integrated into everyone's life, the governance of digital heritage is becoming a cutting-edge issue that needs to be solved urgently.

On the eve of Tomb-Sweeping Day, some social platforms sparked heated discussions about “digital heritage planning.” Some people teach you how to set up Apple's "legacy contacts", some share the process of handling WeChat accounts, and some carefully make a "digital heritage list" – from WeChat change to game accounts, from network disk photos to self-media income.

"In the past, when we missed a person, we looked at his photos, letters, tombstones, etc. Now, a person's 'digital traces' may be more than physical objects." Tan Zuocai, a master's tutor at the Law School of Huazhong University of Science and Technology and a doctor of law, has continued to study the issue of digital inheritance inheritance in recent years. He introduced that WeChat chats, Moments, game accounts, online stores, and even electronic pets… these "digital traces" are closely related to people's lives, but they are likely to disappear quickly after the owner passes away. In fact, this is becoming a real dilemma faced by many families.

Post-2000s write digital inheritance into their wills

In order to repay his sister's care, Mr. Feng, a "post-00s generation", left all his salary savings to his sister in his will, and included his 7-year-old game account as a digital inheritance in the scope of distribution. This is one of the "Top Ten Typical Cases" of the China Will Library in 2025 released recently.

In recent years, among the types of assets included in wills made by young and middle-aged people, the “other” category has grown significantly—including collectibles, personal items, contractual rights, and virtual properties. With the development of the digital age, virtual property has become an important part of young people's property.

"If something unexpected happens, your family won't even know what accounts you have, let alone how to get them back." Tan Zuocai said that the universality of digital heritage issues has extended from abroad to China.

Last year, a hot search sparked heated discussions: Netizens posted that the WeChat account of their father, who had been dead for many years, suddenly disappeared. Although WeChat offered help afterwards, the account had been canceled and could not be retrieved. Some netizens were automatically logged into the account of the late singer Coco Lee when they used their new mobile phone numbers to register for music platform accounts. The platform customer service responded that the matter stemmed from "the operator's second release of the number", which resulted in the account being "inherited" by the new user, and was subsequently untied urgently.

These incidents have aroused public attention on the protection of digital heritage: When life ends, where will the WeChat, Alipay, game accounts, cloud disk photos and even social media footprints we leave behind?

Whose account does your account belong to?

"The account belongs to the platform, not the user" – this is the account ownership established by most platforms through user agreements. However, in Tan Zuocai's view, the content, income, and social relationships in the account are accumulated by the user's gradual operation. It is not appropriate for the platform to deny users' legal rights to the account through format clauses.

He gave an analogy: "It's like renting a house. Even if the house belongs to the landlord, the furniture, your memories, and your business can't be lost."

In his view, digital heritage cannot be defined solely by “money”. It can be divided into at least three categories: those with money (WeChat change, cryptocurrency, live broadcast room tipping income); those with affection (moments, photo albums, chat records, souvenirs in games); those with "social value" (a popular science account with hundreds of thousands of fans, a charity account).

Tan Zuocai said: "When a person is alive and protected by law, his family should also have a way to deal with it after his death, rather than the platform having the final say."

An all-media reporter from Hubei Daily found that at present, mainstream platforms have made it clear that account ownership belongs to the platform, and users only have the right to use it, and the right to use cannot be transferred, inherited, or donated. However, in specific operations, the platforms have different practices:

WeChat revised its rules last year to clarify that "the account can be kept and used unless you take the initiative to cancel it." If there are funds in WeChat, heirs can apply to withdraw the balance. QQ stipulates that if there is a legal heir, information can be submitted through official channels for inheritance; if there is no heir, the account will be recycled by the system if there is no login record within 15 days.

Station B launched the "Memorial Account" function. After the family provides proof, the account is frozen and no one can log in, but there will be an official condolence message on the homepage. Weibo has set a protection status for the "dead account": it cannot log in, cannot post new content, and cannot delete content.

Baidu Netdisk stipulates that after the close relatives of the deceased complete the identity verification procedures, they can exercise rights such as freezing and deleting the relevant personal information of the deceased. Except if the deceased had other arrangements before his death.

Tan Zuocai suggested that platforms cannot prevent inheritance through user agreements at will; accounts with economic value should be allowed to be inherited; heirs should at least have the right to "take back and back up" emotional content. The platform can establish a set of procedures: the heirs provide death certificates and kinship certificates. After verification, the platform will decide whether to open viewing rights or provide data backup based on the deceased's lifetime wishes.

Privacy conflicts facing digital inheritance inheritance

Since digital assets became popular, digital collections have been the most controversial category. Some people say it is "digital garbage", while others rely on it to achieve asset appreciation. In fact, it is not that digital collections are not good at all, but that the collection you chose was wrong from the beginning.

Many people buy Shuzang only for their appearance and to follow the trend to grab new ones, without looking at the value behind them at all. In the end, they buy a bunch of meaningless pictures that they can’t sell. In 2026, the digital collection market has already completed the reshuffle, eliminating more than 90% of low-quality collections, and the remaining ones are all high-quality objects supported by real value.

Today, I will tell you directly that digital collections that can maintain or even increase in value in 2026 must have these three core characteristics. You will definitely avoid any pitfalls if you choose according to them:

First, it must have formal distribution qualifications, be jointly issued by official cultural and museum institutions, well-known brands, and formal digital collection platforms, and have complete copyright registration and distribution qualifications. Digital collections issued privately by individuals can be passed directly;

Second, it anchors physical rights and interests or cultural value. Pure digital pictures have no value. They must either be bound to cultural blogs and cultural creations, cultural tourism tickets, offline rights and interests, or carry intangible cultural heritage, traditional culture, and artistic copyrights. Hard currency is supported by actual scenes;

Third, the circulation rules are compliant and transparent. Regular data storage platforms have clear circulation rules and comply with regulatory requirements. They will not support unlimited speculation and premium transactions. Those platforms that are crazy about selling and inducing speculation are all traps.

In addition, I would like to give some practical advice to ordinary people: when newbies enter the game, don’t pursue high-premium collections. Give priority to officially released, low-priced, and cultural collections. First, understand the rules and become familiar with the market, and then slowly make plans. Don’t invest blindly with the mentality of “speculating to make money”.

Digital collections are essentially digital cultural assets, not tools for speculation. Only by correcting your mentality and choosing the right target can you truly capture the dividends of digital assets.

#digitalcollection#ComplianceDigitalAsset#2026 Digital Collection Strategy

Many people are still asking:

Will there be another surge in digital collections in 2026?

The answer I gave is very simple –

Won't.

Moreover, even if it goes up, it won’t go to you.

1. Don’t wait for the wind to blow. The wind has already changed direction.

The story of "hundreds of dollars to cast, thousands of dollars to take over" in the past few years was as exciting as a roller coaster.

The platform shouts "co-create value", users shout "rush", and the group chats "stud screenshots" every day.

What now?

The platform began to focus on compliance, cultural attributes, and preventing financialization risks.

It sounds rational, but the translation is actually:

The age of speculation is over.

Digital collections are included in the regulatory framework and are clearly classified as cultural and creative business activities with virtual property attributes, but this does not mean that they can be financialized.

Many people don't understand this sentence.

Having property attributes does not mean that it can be speculated.

Houses are property, do you dare to speculate on them? Stocks are property. Have you ever seen anyone allow unlimited rise and fall?

Supervision is not here to help you pull the strings, but to help the industry brake.

2. Technology is sexy, but the market is very realistic

Blockchain, AI, VR, AR, each vocabulary is more advanced than the last.

But most digital collections are essentially a picture.

Some even have vague copyrights and zero application scenarios, relying only on "limited edition", "numbering" and "co-branding" to support their appearance.

Technology is indeed advancing.

Blockchain moves from rights confirmation to smart contracts, AI can generate content, and VR can provide immersive experiences.

The problem is——

Technological upgrades do not equal asset appreciation.

If a picture generated by AI has no IP, no scenarios, and no equity binding, what is its value?

mood.

And emotions are the most unstable assets.

When the mood subsides, all the naked swimmers come out.

3. Platforms are dividing and retail investors are clearing out

A large number of platforms have already been retired in 2025.

The repurchase price is 10% off, 20% off, or even lower.

Some people say that the platform does not respect martial ethics.

Think about it from another angle——

If there is real liquidity in the market, does the platform need to withdraw?

What really remains are a few platforms that are compliant, have strong resources, and can bind the rights and interests of entities.

Cultural tourism digital collections, physical ticket rights, membership rights, IP co-creation rights, these are beginning to have "tool attributes".

But it's a slow road.

It’s so slow that many people can’t afford to wait.

In the past, you bought digital collections to resell them.

In the future, you will buy digital collections for use.

These two logics are worlds apart.

4. The truth in 2026: not a surge, but a clearing

The market is changing from "speculation-driven" to "value-driven."

It sounds very advanced, but it is actually very cruel.

Value driven means:

Those without IP endorsement are out.

Those without copyright protection are out.

Those without application scenarios are out.

Those without real users are out.

The rest is development.

Digital collections won’t disappear, but they will shrink.

It’s not technology that’s shrinking, it’s fantasy.

5. Three truths to those who are still present.

The first sentence: Stop fantasizing about a full-blown bull market.

A comprehensive surge requires policy releases and emotional enthusiasm, both of which are lacking now.

Second sentence: Don't buy "air limit" anymore.

Without IP, no rights and interests, and no ecological closed loop, there is a high probability that it is just a digital ornament.

The third sentence: If you still participate, treat it as cultural consumption.

Buy the IP you like and the content you agree with, don’t expect to double the price.

The real opportunity for digital collections in the future is the “combination of virtual and real”.

You can enter scenic spots, you can redeem your rights and interests, you can participate in the community, and you can operate it for a long time.

Instead of a "charge" in the group, the amount will double in three days.

The digital collection market in 2026 will not be spectacular.

It is more like an industry physical examination.

Some companies were eliminated, some collections were reduced to zero, and some people finally woke up.

But it is precisely because the bubble has been squeezed that teams with real content, IP, and operational capabilities have a chance to survive.

If you ask me a heart-wrenching sentence——

Digital collections are not impossible.

It’s just that it’s no longer for gamblers.

A technology company was sued in court for operating a digital collection trading platform that induced irrational transactions among users, resulting in the failure of 11 users to recover their investment funds. On May 15, the Beijing No. 3 Intermediate People's Court (hereinafter referred to as: Beijing No. 3 Intermediate People's Court) held a public hearing and pronounced a verdict. It determined that the platform failed to fulfill its risk warning and transaction restriction obligations and made major mistakes. The final judgment rejected the appeal and upheld the original judgment. The platform assumed 70% liability for compensation.

The scene of the trial. Source: Beijing No. 3 Middle School

"Blind box" and "fragment synthesis" gimmicks divert traffic, and platform outage causes user losses

A technology company sells blind boxes containing digital collections to users through its APP applications, WeChat mini programs and other platforms, and provides display, browsing, settlement and other services for users to trade digital collections on the platform, and charges a certain percentage of handling fees.

From May to October 2022, Zheng and 11 other people purchased blind boxes containing digital collections multiple times through an APP and WeChat applet operated by a technology company, and participated in transactions such as "fragment synthesis". Later, the operating platform of a technology company ceased operations, and the digital collections held by users could not be traded and liquidated. Zheng and 11 other people sued for the return of investment funds and interest.

The court of first instance found that the platform engaged in behaviors such as inducing consumption and exaggerating earnings during transactions. Because the platform transactions have basically stagnated, the digital collections held by users cannot actually continue to be traded and the value of the digital collections cannot be realized. A certain technology company was obviously at fault and was ordered to bear 70% of the liability.

After the first-instance court's ruling, a technology company believed that it should not bear responsibility and appealed to the Beijing No. 3 Intermediate People's Court.

The platform has a higher duty of care, and 70% of the responsibility remains unchanged

The Beijing No. 3 Intermediate People's Court held after trial that a compound contractual relationship consisting of a sales contract and a network service contract was formed between a technology company and 11 people including Zheng. From the perspective of the digital collection transaction model involved in the case, a technology company’s ability to control transactions, profit model, and promotion of healthy industry development and risk prevention, compared with general commodity transactions, a technology company, as the issuer, seller, and transaction service platform provider of digital collections, should have a higher duty of care.

A technology company failed to provide evidence to prove the economic value of the digital collections it sold, failed to provide rational consumption risk warnings, failed to limit possible speculation and hype, and even clearly induced users to trade irrationally. A technology company had obvious faults and should be liable for compensation to 11 people including Zheng.

Accordingly, the Beijing No. 3 Intermediate People's Court made a final judgment, rejecting the appeal and upholding the original judgment. This judgment has taken effect.

The judge reminded that in recent years, with the upgrade of blockchain technology, my country's digital collection industry has continued to heat up, playing an important role in promoting traditional Chinese culture, enriching digital economic models, and promoting the development of cultural and creative industries. However, there are also risks and dangers such as speculation, money laundering, and illegal financial activities. Buyers should view digital collections rationally, establish correct consumption concepts, and avoid blind speculation. Digital collection trading platforms have a relatively higher duty of care than general commodity traders. They should consciously abide by national laws and regulations, put an end to false propaganda, speculation and other behaviors, resist and prevent the financialization of digital collections, and promote the healthy development of the industry.

Beijing News reporter Wu Mengzhen and editor Liu Qian proofread Zhang Yanjun

"The daily income is as high as '1.5% ~ 2%'" "Deposit 100,000 yuan, and the interest will be 1,400 yuan a day" "(Invest) 500,000 yuan can earn more than 7,000 yuan a day"… Is this kind of yield a "pie" or a "trap"? Recently, Chao News reporters have received several complaints from readers, saying that they were suspected of being deceived by an investment platform called "Future Yunqi".

The complainant said that the platform uses virtual "digital collections" as investment targets, claiming that the collections have "appreciation potential" and the daily income is considerable. But in fact, these collections have no real value support and cannot be freely traded or freely withdrawn. The system backend can even force them to be removed from the shelves or "analyzed" into worthless "gold treasures" at any time, making all digital assets useless.

Reporters found that there are still many complaints against Future Yunqi on social platforms such as WeChat video accounts and Xiaohongshu.

What kind of platform is this? Are its operations in violation of regulations? What risks do investors face? The reporter conducted an in-depth investigation.

Post-00s guy takes out a loan to speculate on “digital collections”

More than 700,000 yuan was deposited into the platform and was wasted

Xiao Tang (pseudonym), a "post-00s generation" in Taizhou, Zhejiang, reported on Future Yunqi on social platforms, saying that the company was suspected of defrauding college students from tuition fees and inducing teenagers to take loans. He himself suffered a total loss of more than 700,000 yuan.

The reporter contacted Xiao Tang, who learned about the "Future Yunqi" APP in February 2025. "At the gym, a fitness instructor recommended it and said it could make money." Xiao Tang said that the instructor told him that Future Yunqi is China's leading "digital collection" service provider. You can get considerable profits by participating in the "picture grabbing" recharge activity on the Future Yunqi platform. Under the "slow growth" mode of the platform, it promises a daily increase of 1.5% to 2.0%, and both the recharge amount and the income can be freely withdrawn.

Such a generous reward made Xiao Tang excited. He immediately downloaded the APP and registered, chose to join one of the trading communities, and contacted the "team leader" of the community. Xiao Tang said that the community team leader is mainly responsible for attracting "subordinates" to the platform to "play". The collections of the "subordinates" will appreciate in value at a certain rate every day, and the team leader can get a "handling fee", which is a rebate.

As for the real name and identity of the team leader, Xiao Tang said he has never known it.

"Digital collection" without "sale key" Photo provided by interviewee

At the beginning, Xiao Tang invested several thousand yuan to try out his skills. He set his alarm clock at 3pm every day and snapped up "digital collections" on the APP (because the collections are all computer-generated pictures, users are accustomed to calling them "pictures"). "Pictures" that are usually released at 3 o'clock will be sold out in 2 minutes. After grabbing it, put the "picture" on the platform and "deposit" it, and the value will increase every day according to the increase. After the number of storage days is reached, you can make a profit by listing it on the platform and selling it.

"The short storage period is 5 days, and the long one is more than 20 days. You can see it every day, and the 'picture' will always 'appreciate'." Xiao Tang said that when he first started playing, the value did increase every day. After the storage period is reached, the system is unlocked and a "sell" button will be displayed. After appraising the value, you can sell it at any time, and you can freely withdraw cash after the fee is received.

As for who bought it, whether it was another real user, or whether it was recycled by the platform itself, Xiao Tang didn’t know. “I can only see the words sold.”

Driven by high returns and "team leader taking the lead", Xiao Tang invested a total of more than 700,000 yuan in multiple installments, of which 300,000 yuan was an online loan he borrowed.

"The team leader promised us to at least protect our capital. If we lose money, he will personally subsidize it. He also often posts rewards in the circle of friends of 'recharge 10,000 yuan and get a 100 yuan red envelope' to encourage us to increase our positions." Xiao Tang said.

Xiao Tang realized something was wrong when in July 2025, the collection worth 600,000 yuan held by Xiao Tang depreciated significantly and could not be sold. The platform explained that it was due to "hacker invasion." The team leader also told him that he needed to continue to invest additional funds to "unwind". Xiao Tang added funds again, but was trapped again.

“(Now) the collection cannot be sold or liquidated,” Xiao Tang said.

On social platforms, similar complainants also have many screenshots from Xiaohongshu

More than 300 people formed a group to defend their rights

“Platform management is chaotic and rules are formulated arbitrarily”

There are many people who have had the same experience as Xiao Tang, from all over the country.

The reporter joined two WeChat rights protection groups, with a total of more than 300 people in them. The amount invested by a single person ranged from tens of thousands to hundreds of thousands of yuan. Most of the group is born after 2000, some are still in college, and some of their funds come from tuition fees or online loans. Now, many people’s credit reports have collapsed and their lives are in trouble.

Xiao Yang, a post-2000 generation in Fujian, said that he and his relatives and friends had recharged a total of 580,000 yuan on the Future Yunqi platform. “All of my wealth was invested in the Future Yunqi platform to purchase digital collections, but the funds were withheld by the platform and have not been released so far.”

Mr. Luo from Ningbo said that in the future, Yunqi APP will recharge about 300,000 yuan, but the platform turned his assets into something called an "analysis card" on July 13, which has no value and cannot be liquidated. A Fujian user named Bibing (pseudonym) said that he lost 300,000 to 400,000 yuan on "Future Yunqi", and the balance was backdated into pictures, and his savings over the past few years were locked up.

Xiao Yang’s multiple applications for cash withdrawal were not approved by the respondent.

Xiao Yang said that the person in charge of Future Yunqi once responded, saying that the company is a digital collection company, and users on the platform are free to place orders and conduct voluntary transactions. The official does not promise profits, and the increase is not controlled by the platform. But in fact, Xiao Yang said, pending order trading is not that easy, and the rules are set by the platform and can be changed at will.

On December 22 and December 29, 2025, Future Yunqi issued two announcements to adjust the withdrawal rules. The first time required that the balance be multiplied by a coefficient of 1.6% for withdrawal. In other words, if the user has 10,000 yuan in his wallet, he can only withdraw 160 yuan. For the second time, the platform launched the "Future Wallet" function, with increasingly complex rules and strict withdrawal limits.

But the most fundamental problem is that users’ money is used to purchase pictures, but the pictures cannot be traded, realized, and withdrawn.

"Now I have all the pictures that cannot be sold. There is no 'sell' button anymore. The platform rules, picture values, and background data are all decided by the company." Xiao Yang said, "The interface of the platform has also completely changed."

The reporter logged into the Future Yunqi APP and found that the system was still in operation and there were still digital collections for sale on the homepage, but it showed that they were sold out. On social platforms, there are still many accounts "attracting new recruits" to Future Yunqi. One copy wrote: If you invest 10,000 yuan, you can receive a profit of 140 yuan a day, and you can earn more than 4,000 yuan a month. If you invest 100,000 yuan, you can make more than 7,000 yuan in just 5 days.

Such high returns are far beyond common sense.

The event flyer that Xiao Yang received before had words such as "compensation guaranteed" and "I will bear the risk" written on it. Provided by the interviewee

The three words NFT make many people change their minds when they hear it.

The surge in 2021, the crash in 2022, and the large-scale flight in 2023 – that period of history will not be forgotten by those who have stepped on the pitfalls.

So why will the digital art assets track become hot again in 2026? Is this the second round of cutting leeks, or has there really been a qualitative change?

The answer is: It’s not the same thing.

NFT vs digital collection vs NFR, three concepts need to be distinguished

NFT (Non-Fungible Token): Built on public chains such as Ethereum, decentralized and circulated globally. It sounds beautiful, but the problem is: under China’s regulatory framework, public chain transactions involve cryptocurrencies, with ambiguous legal status and extremely high risks. Most NFT projects are not supported by physical assets, and their value depends purely on consensus. Once the consensus collapses, it will return to zero.

Digital collections (domestic compliance version): Runs on the consortium chain, is not linked to cryptocurrency, and is subject to regulatory constraints. It is stable, but the liquidity is poor. If you buy it, it is basically locked, making it difficult to trade again.

NFR (non-fungible equity certificate): This is the latest generation. The core difference is that it binds physical property rights and commercial rights.

Dimensions

Traditional digital collections

NFR equity certificate

Rights content

Digital Image Ownership

Binding physical property rights + commercial interests

Liquidity

restricted

Designed to be circulated

value support

digital image itself

Physical assets + IP equity

Rights confirmation method

On-chain storage

On-chain + legal double confirmation of rights

Compliance

generally

High (connected with Shenzhen Cultural Exchange)

The Hongyike project adopts the NFR system. Buy a "Painting Series" NFR, and what you actually own is:

The legal ownership certificate of the original work signed by Mo Xuanzi. Digital files stored in decentralized IPFS (never lost). Intelligent contract automatically executes rights and interests to guarantee the highest level of membership (priority for art exhibitions, autographs, and offline activities).

The four no principles delineate the boundaries: no financialization, no securitization, no acceptance of speculation, and no promise of returns. These four items have blocked the biggest risk points in advance.

In the digital collection 2.0 era, the rules have changed.

Question interaction: Have you ever been fooled by NFT? If it were a compliant NFR, would you still consider it? Chat in the comment area