Tokens Sold Like Phone Credit
A 728% rise in category sales arrives with no agreed unit to compare any of it.
Tmall disclosed on 11 November 2026 that sales in its token category rose 728% between 15 October and 5 November, compared with 15 September to 5 October, extending a 450% first-day gain when the category opened on 20 October. In one livestream, nearly 100,000 office membership cards sold in half an hour, worth roughly two trillion tokens of entitlement. The commercial novelty is real; the measurement is not. Credits, points and quotas are three different rulers, and the three platforms selling tokens do not use the same one, which makes cross-platform comparison impossible and inventory depreciation a live risk.