China announces its first proprietary and regulated NFT platform

The platform will be dedicated to the art and copyright marketing of digital collectibles. It has an official launch date of January 1, 2023.

Despite the crypto winter in which the market in general finds itself, the field of non-fungible tokens keeps adding new players on a daily basis, as well as maintaining its potential in constant growth.

The birth of this platform arises from an initiative by the State of China, which will have as its main objective the comprehensive and standardized trade of CLT and its copyrights. This platform will operate with the China Cultural Heritage Network The platform will make the exchange of digital assets accessible and more agile.

This platform would be developed mainly by the company Art Exhibitions China, together with others such as Huban Digital Copyrights Ltd., China Technology Exchange and China Cultural Relics Exchange Center.

The news was reported by one of China’s most important media outlets, through the publication of a article particular. This platform has been created to meet the need to regulate NFTs, as well as to digitize the national culture, which will require the implementation of blockchain technology. On the other hand, it is intended to have as a consequence the growth in the digital development of industries, among other areas.

On the other hand, the China Cultural Heritage Network will be implemented for copyright trading of digital assets traded on the platform, as it is considered the only reliable deposit platform for this type of assets. In this way, operations and transactions will be carried out on said blockchain, and not on the popular ones used in most NFT markets.

On the other hand, it was announced that the platform will operate as a national service, providing commercial functions for the purchase and sale of digital assets, generating a comprehensive and standardized trade, focused on the secure settlement of transactions.

Chen Xiaohua, the representative of the China Cultural Heritage Network, said that the platform will realize business linked to national cultural digitalization, using blockchain technology and NFTs as the underlying technological support, for the purpose of innovation of cultural enterprises and industries.

In turn, Yu Jianging, the co-director of the Blockchain Special Committee of the China Communications Industry Association, argued that this move is part of the digital transformation of China’s cultural industry. At the same time, he pointed out that in regulatory matters, digital assets are a new business mode, and the set of regulatory rules and policies will gradually improve.

He also pointed out the difference between digital collections and intellectual property rights and digital copyrights, since they face greater risks.

By way of mentioning a close antecedent regarding China’s link with NFTs, we can find the position taken by a court based in Hangzhou, which concluded that NFT collections are online virtual property, which must have a legal protection of the country itself. You can access the next link to see the note we made about it from NFTexpress.

Another relevant data, is the document published in recent days by the Chinese Academy of Information and Communications Technology (CAICT), called 2022 Blockchain Whitepaper.

In that document, it was revealed that more than 1,400 blockchain companies are based in China. In addition, it is expressed that about 48 higher education institutions in China have incorporated certifications linked to blockchain.

IMPORTANT: NFTEXPRESS only publishes articles for informational purposes. Nothing contained herein contains the character of recommendation or promotion of any type of investment for the reader. Before making any type of investment, it is recommended to consult with a specialist in the matter.

Written by Luciano Garriga (TW:@luchogarriga) for NFT Express