JAKARTA China is known to be tough on the crypto community and NFT. This is evident from the Chinese government's actions to block social media users Weibo discussing crypto assets. They have also expelled crypto miners and implemented strict rules.
Not only that, in 2021 China will also block the most popular crypto ranking web pages such as CoinMarketCap and Coinecko. Despite being tough on the digital asset community, China recently reportedly launched its own NFT marketplace.
The plan was conveyed by local media Sina. That way, the NFT community in China can breathe a sigh of relief. The reason is, they can trade digital collections in the marketplace sponsored by the state. Other sponsors such as Huban Digital Copyrights Ltd also support the NFT marketplace.
It is planned that the NFT marketplace will use a network known as the China Cultural Security Chain to be released in early January 2023. Sina reported that the launch of the NFT marketplace was celebrated on January 1, in Beijing.
Launching NFTEvening, the name NFT marketplace can be translated into "China Digital Asset Trading Platform." In addition to facilitating digital collection trading, the market will also allow digital copyright trading and intellectual property rights.
The China Cultural Security Chain network will reportedly use trading instruments and the Chinese Technology Exchange settlement mechanism. China has a long history with NFT.
Earlier this year, the country announced it would allow NFT trading, but with exceptions. To explain, there are striking differences in NFT trading in China and around the world.
First, in China, NFT is called a digital collection. Then, residents can't use crypto to buy NFT. In addition, artwork is traded on highly regulated platforms. What's more, because of strict state laws, companies like STEPN even prohibit mainland Chinese users.
Nonetheless, the country has been experimenting with NFTs over the past few months. State-owned media company, Mango TV, for example, announced its plans to launch an NFT platform earlier this year. Earlier this month, a court in China recognized NFT as a protected virtual property by law. The important decision compares sales of digital collectibles with "sales of digital goods via the internet."
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