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- China plans to roll out its first state-backed NFT marketplace, managed by multiple state-owned enterprises.
- Platform users should expect to trade collectibles, digital rights, and property rights.
China is making a big leap forward in the NFT industry.According to recent information report From domestic media outlets, China is about to launch its first NFT marketplace. The market is state-backed, showing significant growth in his NFT adoption in the country.
It added that the country was taking the step to introduce what it called a “national cultural digitization strategy,” according to a China Daily report.
Called the “China Digital Asset Trading Platform”, the marketplace is brought together by the China Cultural Relics Exchange Center, China Technology Exchange Center and Huaban Digital Rights Service Center Co., Ltd. NFTs, entering the Chinese market, are expected to boost the development of the country’s cultural industry. After launch, the Marketplace will allow trading of multiple items, including digital collectibles.
As of now, there is no official launch date yet. However, it is expected to go live in the near future. China Daily, which provides notable details about the launch of the platform, explains:
“The China Digital Asset Trading Platform will be launched soon, with a platform launching ceremony scheduled in Beijing on January 1, 2023. Types of platform trading include intellectual property rights, digital copyrights, digital collections, etc. included.”
Will China seek support from Binance or Ethereum’s NFT marketplaces?
In the future, NFT Marketplace will form a strategic alliance with Zhongrong Global Holdings Co., Ltd., a major financial institution.
Zhongrong Global Holdings is a financial company with eight subsidiaries, providing conical services to individual and institutional investors around the world. Zhongrong’s “Digital Collection Home” platform will provide information, content and data on NFTs and the Metaverse to market support users.
In particular, Ethereum, a blockchain that operates multiple NFT marketplaces, could help China in its mission to launch its own marketplace. NFT MarketplaceHowever, it is highly unlikely that Ethereum will claim that position.
This is due to the fact that China’s NFT marketplace runs on a blockchain known as the “Chinese Cultural Preservation Chain”. It can also be “a trusted custody service platform for tradable digital assets, providing digital asset registration, rights confirmation, custody, rights protection monitoring, and copyright protection services for institutions and individual users.” . According to local reports.
Binance Blockchain, which is behind major NFT marketplaces, may also not enter. China For the same reason as Ethereum.
On the other hand, although NFTs are widely known in China, transactions using cryptocurrencies are still not allowed. This is the result of national legislation that is subject to change in accordance with the newly established plans to open its own official marketplace.
