The Chinese government will launch an NFT market

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Key Takeaways China is setting up an NFT market. The platform was built by the state-sponsored China Technology Exchange. Interoperability between the Chinese NFT market and decentralized blockchains currently seems unlikely. Share this article

China is continuing its CBDC efforts with a state-sponsored NFT marketplace, which would allow the exchange of digital copyrights and digital collections on a blockchain called the China Cultural Security Chain.

The Chinese Cultural Security Chain

According to China Daily, the Chinese government plans to launch the first state-sponsored NFT marketplace.

The “China Digital Asset Trading Platform”, as it is called in the article, has a launch ceremony scheduled for January 1, 2023 in Beijing. The platform was partially built by the China Technology Exchange, a national technology institution established by the Ministry of Science and Technology, the National Intellectual Property Office, the Chinese Academy of Sciences and the Municipal People’s Government. from Beijing.

The NFT marketplace is expected to enable transactions of intellectual property rights, digital copyrights, and digital collections. The platform will apparently use a blockchain called China Cultural Security Chain, but will continue to rely on trading instruments and settlement mechanisms provided by the state-sponsored China Technology Exchange.

Details surrounding the NFT market are sparse, except that it will enable secondary trading of digital assets. The Chinese cultural security chain is very likely to be centralized, which means that all NFTs supported by the chain will belong to the entity that controls the chain, and not to the users, as is the case with Ethereum. or a number of other blockchains.

The report also makes no mention of interoperability between the Chinese Cultural Security Chain and other blockchains. Due to the Chinese government’s current negative view of decentralized cryptocurrencies (the country cracked down on cryptocurrencies and crypto-related activities in 2021), it seems unlikely that non-Chinese NFTs will end up by being backed by the government run market anytime soon.

Disclaimer: At the time of writing this article, the author of this article owned BTC, ETH, and several other cryptocurrencies.

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