While selling digital collectibles on strictly controlled platforms has been popular among Chinese collectors, this is the country's first official entry into NFTs.
China is launching its first state-backed non-fungible token (NFT) marketplace, the latest hint of support for a technology that has existed in a legal limbo within the country's notoriously harsh cryptocurrency restrictions.
On January 1, a ceremony to commemorate the marketplace's inauguration will be conducted in Beijing, the country's capital.
According to Chinese state media outlet China Daily, the platform will be operated by a trio of state-owned and private entities: China Technology Exchange and Art Exhibitions China, both of which are government-backed, and Huban Digital, a private enterprise.
The platform, dubbed "China Digital Asset Trading Platform," will also be used to trade digital copyrights and property rights, in addition to collectibles.
The platform's underlying blockchain is known as the "China Cultural Protection Chain," according to the report.
For much of the last two years, NFTs have been popular among Chinese traders, but not in the same way that the rest of the globe has. According to Chinese law, NFTs cannot be acquired using bitcoin, and they are referred to as digital collectibles rather than NFTs.
In addition, digital artwork is traded on controlled, highly regulated channels rather than open ones. Earlier this month, a Chinese court decided that digital assets have property rights comparable to items sold on e-commerce sites, which was viewed as a significant step forward in their protection.
By fLEXI tEAM