As technology grows, more people will enter the digital world to enjoy and increase their assets. China has announced the establishment of its own NFT marketplace.
The “China Digital Asset Trading Platform,” a secondary trading market for digital collectibles, will make its debut in the next new year. The debut will be because of China’s first state-run NFT marketplace.
The China Daily reports that the Chinese government intends to open the first state-sponsored NFT market in the country. As it was referred to in the report, a debut event for the “China Digital Asset Trading Platform” is planned for January 1 in Beijing.
The Chinese Technology Exchange, a national technical organization founded by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing Municipal People’s Government, contributed to the platform’s construction in part.
Last month, the Hangzhou Internet Court decided that virtual objects like NFTs can be considered property under the law. Beijing will soon launch the China Digital Asset Trading Platform, according to the China Daily (literal translation).
According to the administration, the platform is expected to launch on January 1. According to Beijing, an official “secondary market for digital assets that meet with national norms” will be established. Cryptocurrency trading is practically prohibited in China.
And as a result, traditional NFT trading in the country has become impossible. NFTs are created elsewhere on blockchain networks, where they may be exchanged for other tokens like Ethereum (ETH).
However, despite its determination to ban all cryptocurrency assets, the Chinese government only wants to embrace some blockchain and cryptocurrency-related technical advancements.
In addition to selling artifacts, the platform, whose name translates to “China Digital Asset Trading Platform,” will also be utilized to exchange digital copyrights and property rights.
According to the source, the platform’s underlying blockchain is the “China Cultural Protection Chain.”
Although not in the same manner as the rest of the globe, NFTs have been favored by Chinese traders for the past two years. The laws of China prohibit using cryptocurrencies to pay for NFTs, which are digital collectibles.
On restricted, highly controlled platforms rather than open ones, digital art is traded as well. A significant step forward in protecting digital assets was made earlier this month when a Chinese court decided that they share equal property rights with goods sold on e-commerce websites.
The platform, according to the government, would have the responsibility of “implementing” Chinese efforts to “digitize culture” and “promote cultural projects and businesses through technological aid and innovation.”
The platform will be operated by the government-controlled China Technology Exchange, which is in charge of overseeing IT- and IP-related issues. The China Cultural Relics Exchange Center will also take part in the initiative. This institution handles issues about Chinese culture.
The portal will also be managed with assistance from a private Beijing-based business that conducts business in “digital treasures” and intellectual property.