While trading digital collectibles through a heavily regulated marketplace is popular among Chinese collectors, this is the country's first official foray into NFTs.
China is launching its first state-backed marketplace for non-fungible tokens (NFTs), the latest sign of its embrace of a technology that occupies a legal gray area in the country's notoriously strict cryptocurrency regulation. A ceremony to celebrate the launch of the market will take place on January 1 in the Chinese capital, Beijing. According to Chinese state media China, the platform will be operated by three state-owned and private entities: the government-backed China Technology Exchange Center and China Art Exhibition, and the private company Tiger Edition Digital. Daily.
The marketplace, whose name translates to "China Digital Asset Trading Platform," will also be used to trade digital copyright and property rights, as well as collectibles.
The platform’s underlying blockchain is reportedly dubbed the “Chinese Cultural Protection Chain.” NFTs have been popular among Chinese traders for most of the past two years, but not in the same way as the rest of the world. According to national law, NFTs in China cannot be purchased with cryptocurrencies, and they are not called NFTs, but digital collectibles.
I hope this article will help you to learn about China is going to launch their first NFT market place in early of week of January. Unlike open platforms, digital art is also traded on closed, highly regulated platforms. Earlier this month, a Chinese court ruled that digital assets have similar property rights to goods sold on e-commerce sites, seen as a major milestone for digital asset protection.
