This state-backed platform will act as a secondary market for NFTs, allowing users to trade copyrights associated with their digital assets.
It looks like the Chinese government is opening up to NFTs
According to Sina News, China plans to launch its first nationwide NFT marketplace in Beijing on January 1, 2023. The platform is built by the state-owned China Technology Exchange and Art Exhibition China in partnership with the private company Huban Digital Copyrights Ltd.
According to the report, the platform will act as a secondary marketplace for NFTs, allowing users to trade copyrights linked to digital collectibles. The project also aims to “regulate and avoid excessive speculation in the secondary market for NFTs,” according to a person familiar with the matter.
Yu Jianing, an expert in China’s digital assets and metaverse development, said.
“Thus, uncertainty exists. Platforms have a clear responsibility for the listing and trading of digital assets. Compared to intellectual property rights and digital copyrights, digital assets are more regulated in terms of regulatory soundness. We are at great risk.”
To be clear, the Chinese government is not against NFTs unless they involve cryptocurrency trading. This is why NFTs are called ‘digital collectibles’ or ‘virtual collectibles’ in China, rather than ‘tokens’, the term commonly used in Web3.
China will ban cryptocurrencies from 2021. But China is still open to NFTs and the Metaverse. The country’s capital, Beijing, and its metropolis, Shanghai, have so far announced plans to build their own metaverse industries.
Still, China’s stringent regulations on digital assets have put off many private tech companies. Tencent, for example, had to shut down NFT platform Huanhe in August due to increased regulatory scrutiny. Now that a state-backed market has emerged, it remains to be seen whether it will help revive China’s NFT market.
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