Does the .xn--fjq720a domain exist?

Yes. .xn--fjq720a is a live top-level domain in the IANA root zone.

Does .娱乐 (.xn--fjq720a) exist?

Yes. .娱乐 (.xn--fjq720a) is a real top-level domain, live in the IANA root zone right now.

See the .娱乐 (.xn--fjq720a) page for what kind of TLD it is. Note that existing in the root doesn’t always mean anyone can register one — some TLDs are brand-restricted.

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This answer is generated from the live IANA root zone list, not from vibes. If the DNS changes, this page changes.