Following lots of anticipation, China’s first national ‘digital asset (NFT) marketplace’ is set to launch next week. It will be heavily regulated by the government, but shows their support of NFTs and crypto overall – a great sign for the industry moving forward.
- China to launch first national NFT marketplace next week.
- The marketplace will be heavily regulated by Government-run organisations.
- On January 1, the capital, Beijing, will be hosting a ceremony to celebrate the opening of the marketplace.
China’s NFT Marketplace
China is due to release their new national NFT marketplace – making it a first of its kind. ‘China Digital Asset Trading Platform’ as it’s translated, will be run by a trio of companies, some state-owned, some privately owned: China Technology Exchange and Art Exhibitions China (both Government-backed), and Huban Digital (privately owned).
According to a report by China Daily, a state-backed publication, the marketplace will be run on the ‘China Cultural Protection Chain’. On it, users will be able to trade collectibles, digital copyrights and property rights.
To celebrate the launch of the new marketplace, a celebration will take place through an opening ceremony on January 1 in the capital, Beijing.
Yu Jianing, a key name in digital assets and metaverse developments across China, said: “In terms of industry supervision and regulation, digital assets represent a new form of commerce, and much regarding laws, regulations and supervisory policies remains to be refined. Therefore, a deal of uncertainty exists. Platforms have a clear responsibility for the listing and trading of digital assets. Relative to intellectual property rights and digital copyrights, digital assets face a greater risk of regulatory soundness.” (via CoinTelegraph)
NFT Popularity In The Country
Currently in China, NFTs cannot be bought through the means of crypto. So the industry as a whole has not seen the accelerated growth which has been clear worldwide. However, there has been clear interest, as users still buy NFTs in other ways.
The country don’t even call them NFTs, but instead as digital collectibles. At the moment, they can only be traded with strict rules in place, and on highly-regulated platforms, not open ones.