Although the country banned crypto last year, non-fungible tokens are widely accepted.
The upcoming new year will see China debuting its first state-run NFT marketplace, known as the “China Digital Asset Trading Platform,” a secondary trading market for digital collectibles.
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On January 1, Beijing will launch a ceremony unveiling the new marketplace that will be backed by the government-funded China Technology Exchange and China Cultural Relics Exchange Center, and the private company Huaban Digital Copyright Service Center.
The platform will not feature Bitcoin or Ethereum options – a major constraint.
Among the key tradable assets on the new blockchain – known as the China Cultural Protection Chain – will be digital copyrights, property rights and NFTs. The platform will also integrate a metaverse and the protection chain also includes registration for NFTs and crypto, and rights confirmation for digital assets.
Although China banned cryptocurrencies last year, NFTs are largely accepted in the country.
This year, the country also released the government-supported Blockchain Services Network, defined as a “common infrastructure for the deployment and operation of blockchain applications globally.”
Sabrina Toppa is an award-winning journalist focusing on cryptocurrency, blockchain, DeFi, NFTs, and Web3. She has written for The Guardian, TIME Magazine, The Washington Post, The Atlantic, and other publications. Follow her on Twitter @SabrinaToppa. For story tips: sabrina.toppa@roundtable.io.
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