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China to Roll Out its First National Non-Fungible Token (NFT) Marketplace

China to Roll Out its First National Non-Fungible Token (NFT) Marketplace

In the platform, the Chinese will be able to trade digital collectables, digital copyrights and property rights.

China is looking to launch its first state-based and regulated non-fungible token (NFT) marketplace, dubbed China Digital Asset Trading Platform.

According to the report shared by the local media portal Sina News, the marketplace is set to see daylight on January 1st, 2023.

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In its report, Sina News revealed that the China Digital Asset Trading Platform is expected to function as a secondary trading platform. It is worth noting that in a secondary market, digital assets or securities are bought and sold between investors.

The China Digital Asset Trading Platform was created by two state-owned institutions, Chinese Technology Exchange and Art Exhibitions China, as well as one private corporate firm Huban Digital Copyrights Ltd. According to Sina News, the platform is based on its blockchain, the “China Cultural Protection Chain.”

Moreover, apart from non-fungible tokens (NFTs), investors will be able to use the platform to trade or purchase digital copyrights and property rights.

The person familiar with the matter revealed that China’s NFT marketplace was created to “regulate and avoid the excessive speculation in secondary <NFT> markets.”

The expert on digital assets and metaverse developments in China, Yu Jianing, claimed that the launch of the state-based NFT marketplace “represents the acceleration of the digital transformation process” in China.

Nevertheless, Jianing revealed that the issuance of digital assets in China faces many problems, such as collection value, technical limitations and copyright disputes. Moreover, Yu Jianing added:

In terms of industry supervision and regulation, digital assets represent a new form of commerce, and much regarding laws, regulations and supervisory policies remain to be refined. Therefore, a deal of uncertainty exists.

It is worth noting that according to Chinese laws, investors cannot purchase NFT using cryptocurrencies. On top of that, in the country, non-fungible tokens are referred to as digital collectables, which are traded on closed, highly regulated platforms.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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