Next New Year will see the debut of China’s first state-owned NFT marketplace, known as the “China Digital Asset Trading Platform,” a secondary trading marketplace for digital collectibles.
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On January 1, Beijing will begin a ceremony to unveil new markets backed by the government-funded China Technology Exchange and China Cultural Heritage Exchange Center and the private enterprise Huaban Digital Copyright Service Center.
The platform does not have Bitcoin or Ethereum options. This is a big limitation.
The major tradable assets of the new blockchain, known as the Chinese Cultural Protection Chain, include digital rights, property rights, and NFTs. The platform also integrates the Metaverse, and the protection chain also includes NFT and crypto registration, and digital asset verification.
China banned cryptocurrencies last year, but NFTs are widely accepted in the country.
This year, the country also released a government-backed blockchain service network. It is defined as “a common infrastructure for globally deploying and operating blockchain applications”.