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The coming new year will see China launch its first state-run NFT market, known as the “China Digital Asset Trading Platform”, a secondary market for digital collectibles.
On January 1, Beijing will launch an unveiling ceremony for the new market which will be supported by the government-funded China Technology Exchange and China Cultural Relics Exchange Center and private company Huaban Digital Copyright Service Center.
The platform will not offer Bitcoin or Ethereum options – a major constraint.
Among the main tradable assets of the new blockchain – known as the Chinese Cultural Protection Chain – will be digital copyrights, property rights and NFTs. The chain of protection also includes registration for NFTs and cryptography, and confirmation of rights for digital assets.
The platform will also have a metaverse option.
Although China banned cryptocurrencies last year, NFTs are widely accepted in the country.
This year, the country also launched the government-backed Blockchain Services Network, defined as a “common infrastructure for deploying and operating blockchain applications globally.”
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