China launches national NFT market with government auspices

A world’s first national NFT exchange is about to be launched in China under the auspices of the government.

China is about to launch its first state-backed NFT trading market, Sina News reported. A celebration ceremony will be held in person in Beijing on January 1, 2023. This NFT marketplace platform will be operated by three public and private organizations: China Technology Exchange, Art Exhibitions China and private company Huban Digital, according to China Daily.

According to the report, the platform is operated on the “China Cultural Protection Chain”. The marketplace called “China Digital Asset Trading Platform” will also support copyright and title trading along with collections.

The move is quite unexpected as it makes China one of the first countries to launch a government-linked NFT trading platform. NFT is no longer a stranger to the Chinese market, but in contrast to the country as a whole, NFTs in the country cannot be traded in crypto. The law here prohibits trading in cryptocurrencies and imposes strict restrictions. The name NFT (non fungible token) is also not used, but exists under the name digital collectibles (digital collectibles). Digital artwork is also traded on closed platforms with fairly strict management.

The moves of the Beijing government towards NFT are in stark contrast to crypto. It seems that the strategy to promote the development of NFT, metaverse and CBDC is considered important by the leaders. Meanwhile, crypto has become the “stepchild” that the government of this country wants to completely ban from contact with people.

Even earlier this month, the Hangzhou court, which handles legal disputes related to the Internet, ruled that NFTs are protected property by law and that they have similar ownership rights to items on different websites. e-commerce site.