As Sina News reported, China is planning to launch its first state-backed NFT marketplace. This is really an unexpected move for a country that says no to crypto like China. A ceremony celebrating the launch of the marketplace will be held in person in Beijing on January 1, 2023.
The marketplace called China Digital Asset Trading Platform will be run by a trio of state-owned and private organizations: China Technology Exchange, Art Exhibitions China, and private company Huban Digital, according to China Daily. The platform’s underlying blockchain is China Cultural Protection Chain. According to the report, the marketplace will also support users to trade digital copyrights and property rights along with collectibles.
NFTs are no stranger to the crypto community but in China, NFTs cannot be traded in cryptocurrencies and are not even called NFTs, but digital collectibles. Digital artwork is also traded on closed,highly regulated platforms.
Despite the ban on crypto, China has always pushed forward the development of NFTs, metaverse and CBDC (central bank digital currency). Earlier this month, the Hangzhou court, which handles legal disputes related to the Internet, ruled that NFTs are property protected by law and that they have similar property rights to items sold on e-commerce sites.
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