Key Ideas:
- China will debut its first NFT Exchange Market sponsored by the government.
- This is a significant development for the nation's "saying no to crypto" policy.
- On January 1st, 2023, a formal launch ceremony will take place in person in Beijing.
China is going to open its first market for non-fungible tokens (NFT). This is the most recent example of the adoption of a technology that falls under the notoriously stringent legislative framework for cryptocurrencies in the nation.
Chinese media reports that the first state-backed NFT trading exchange is ready to go live. For a nation that "says no" to the present crypto, this is a surprise move in the right direction. On January 1st, 2023, a celebration will take place in person in Beijing.
Three public and private organizations China Technology Exchange, Art Exhibitions China, and the private enterprise Huban Digital operate the platform.
based on China Daily.
The site is run in accordance with the "China Cultural Protection Chain," the study states. Along with collections, the "China Digital Asset Trading Platform" marketplace will offer copyright and title trading as well. Yu Jianing, a well-known authority on Chinese advancements in digital assets and the metaverse, stated in an interview:
"Digital assets are a novel type of trade in terms of industry supervision and regulation, and there is still much that has to be worked out in terms of laws, rules, and supervisory practices. There is therefore a great degree of uncertainty. It is apparent that platforms are in charge of listing and trading digital assets. Digital assets are more susceptible to regulatory soundness risk than intellectual property rights and digital copyrights."
Chinese traders have been using NFTs for the past two years, but not like the rest of the globe. According to local law, NFT in this country is not termed NFT and cannot be purchased or sold using cryptocurrency; instead, it exists as digital collectibles. On strictly controlled, closed sites, the sale of digital art is also possible.
China continues to advance the development of NFT, metaverse, and CBDC despite its harsh attitude on the crypto business.
The Hangzhou court, which deals with legal disputes involving the Internet, decided earlier this month that NFTs are legally protected property and have the same ownership rights as commodities on e-commerce websites.
