China Will Launch First National NFT Marketplace In 2023

Key Points:

• China will launch its first state-backed NFT Exchange Market.
• This is a big step forward for the country “saying no to crypto”.
• The solemn launch ceremony will be held in person in Beijing on January 1, 2023.

China will launch its first state-backed non-fungible token (NFT) market. This is the latest sign of the adoption of a technology that occupies a legal gray area in the country’s notoriously strict regulations on cryptocurrencies.

According to Chinese media, it is about to launch the first state-backed NFT trading market. This is an unexpected step forward for a country that “says no” to the current crypto. A celebration ceremony will be held in person in Beijing on January 1, 2023.

The platform is operated by a trio of 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.

“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.”

In an interview, Yu Jianing, a leading expert on digital assets and metaverse developments in China, commented

NFTs have been no stranger to Chinese traders for the past two years, but unlike the rest of the world. NFT here cannot be bought or sold with crypto, according to the laws of the country and is not called NFT, but exists as digital collectibles. Digital artwork is also traded on tightly regulated, closed platforms.

A recently updated report by Coincu News shows that despite its draconian view of the crypto industry, China is still pushing ahead with the development of NFT, metaverse, and CBDC.

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

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

Coincu News