China is taking a major leap into the NFT industry. According to a recent report from its national media outlet, China is launching its first NFT marketplace. The marketplace will be state-backed, and marks a significant growth in the country’s adoption of NFTs.
The report from China Daily added that the country is taking this step in an attempt to introduce what it terms as “the national cultural digitalization strategy.”
The marketplace, dubbed as “China Digital Asset Trading Platform, was put together by China Cultural Relics Exchange Center, China Technology Exchange, and Huaban Digital Copyright Service Center Co., Ltd. China Daily also added that with the integration of innovative technologies such as NFTs, into the Chinese market, the development of the nation’s cultural industry is expected to flourish. After its launch, the marketplace will allow for the trading of multiple items, including digital collectibles.
At present, there is yet to be an official date for the launch. However, it is expected to go live in the near term. Giving more notable details about the platform’s launch, China Daily explains that :
“The China Digital Asset Trading Platform will be launched soon, and a platform launching ceremony is scheduled to be held in Beijing on January 1, 2023. The types of platform transactions include intellectual property rights, digital copyrights, digital collections, etc.”
In the future, the NFT marketplace will strike a strategic cooperation with the leading financial institution Zhongrong Global Holdings Co., Ltd.
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Zhongrong Global Holdings is a financial firm with 8 subsidiaries, that provides conical services to retail and institutional clients globally. Zhongrong’s “digital collection home” platform will give aided users of the marketplace with information, content and data on the NFTs and the metaverse.
Notably, Ethereum, a blockchain that runs multiple NFT marketplaces, can be useful for China, in its mission to launch its own NFT marketplace. However, the chances of Ethereum claiming that position are very slim.
This is due to the fact that China’s NFT marketplace will run on a Blockchain known as “China Cultural Protection Chain.” It is also the only “credible depository service platform for tradable digital assets, providing digital asset registration, confirmation of rights, depository, rights protection monitoring, and copyright protection services for institutions and individual users.” according to the local news report.
The Binance Blockchain, which is also behind a leading NFT marketplace, might not make its way into China for the same reasons as Ethereum.
Meanwhile, NFTs, although widely known in China, are still not allowed to trade using cryptocurrencies. This is the result of the country’s law, which might change, following its newly established plans to debut its own official marketplace.
Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.
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