Key Takeaways
China created the NFT market.
The platform was built by the state-sponsored China Technology Exchange.
Interoperability between the Chinese NFT market and decentralized blockchains currently seems impossible.
Share this article
China is following CBDC efforts with a state-sponsored NFT marketplace, which will enable the trade of digital copyrights and digital collections on a blockchain called the China Cultural Security Chain. China Cultural Security Chain According to China Daily, the Chinese government is planning to start the country’s first state-sponsored NFT market.
The “China Digital Asset Trading Platform,” as the article mentions, has a launch ceremony scheduled for January 1, 2023, in Beijing. The platform was partially built by China Technology Exchange, a national technology agency established by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing Municipal Government. The NFT marketplace is expected to enable transactions of intellectual property rights, digital copyrights, and digital collectibles. The platform will use the so-called China Cultural Security Chain blockchain, but will still rely on trading instruments and settlement mechanisms provided by the state-sponsored China Technology Exchange. secondary trading of digital assets. China’s Culture Security Chain is likely to be highly centralized, meaning that all NFTs supported by the chain will belong to the entity that controls the chain—not the users, as is the case with Ethereum or some other blockchains. The report also does not mention interoperability between the China Cultural Security Chain and other blockchains. Due to the current negative view of the Chinese government towards decentralized cryptocurrencies (state crack down on cryptocurrency and crypto-related activities in 2021) it seems unlikely that non-Chinese NFTs will be supported by a government-run market anytime soon. , and several other cryptocurrencies.
Share this article
Information on or accessed through this website is obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. . Decentral Media, Inc. not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update information that is outdated, incomplete, or inaccurate.
You should not make investment decisions in ICOs, IEOs, or other investments based on information on this website, and you should not interpret or rely on information on this website as investment advice. We recommend that you consult a licensed investment advisor or other qualified financial professional if you seek investment advice regarding ICOs, IEOs, or other investments. We do not receive compensation in any form for analyzing or reporting on ICOs, IEOs, cryptocurrency, currencies, token sales, securities, or commodities.
Take a look full terms and conditions.
