Known for its tough stance on the crypto industry, China is launching its first national NFT marketplace.
While trading in digital goods is popular in the country on tightly regulated platforms, this is the country’s first official attempt at NFTs.
China to Open Ceremony
The country will inaugurate its NFT marketplace with a ceremony on January 1 in the country’s capital, Beijing.
According to the news of China’s state media outlet China, the platform will be managed by three companies, two of which are state-owned. These companies will be China Technology Exchange, Art Exhibitions China and a private company Huban Digital.
The marketplace, whose name means “Chinese Digital Asset Trading Platform”, will be used to trade collectibles along with copyrights.
According to the news, the blockchain on which the platform is built is called the “Chinese Cultural Protection Chain”.
NFTs have become quite popular among Chinese users over the past two years. NFTs in the country cannot be purchased with cryptocurrencies by law. These can be purchased as digital collectibles and not as NFTs.
Unlike open platforms, digital artworks can be traded on closed and tightly regulated platforms.