China to Launch Blockchain-Based NFT Marketplace – OfficeLife

In China, on January 1, the first regulated platform for trading non-fungible tokens (NFTs) will officially start working. It will serve as a secondary market for NFTs and digital asset copyrights. About this channel block-chain24
informs citing a report by local news agency Sina News.

China to Launch Blockchain-Based NFT Marketplace


The platform was named China Digital Asset Trading Platform. It was jointly developed by the State Technology Exchange of the People’s Republic of China, the State Art Exhibition and the private corporation Huban Digital Copyrights Ltd.

Instead of using blockchains like Ethereum or Solana, the authorities have opted for the specially designed China Cultural Heritage Chain blockchain. It is believed that its creation was initiated by the Center for the Exchange of Cultural Relics of China to protect the country’s cultural property in the digital sector.

It is alleged that the ecosystem of the site is completely protected from hackers and scammers.

The project aims to “regulate and prevent excessive speculation in the secondary NFT markets.”

Although China introduced a complete ban on all activities related to crypto assets in September last year, there is no consensus on the classification of NFTs.
has not been developed. In March, WeChat accounts linked to NFT trading were suspended by parent company Tencent. Yet the blockchain-based local variant of the digital currency, the central bank’s CBDC, is gaining ground. In general, attention to digital assets in the country is growing.

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