As reported by Sina News on December 28, the Chinese Technology Trade, Art Exhibitions China, and Huban Digital Copyrights Ltd. entities developed the new NFT platform. In addition to acting as a secondary market for the exchange of NFTs, it will serve as an alternative trading platform.
NFTs in China
It has become increasingly popular in China to use NFTs to authenticate and sell rare digital collectibles. There have been several high-profile sales of NFTs on various platforms in recent years in China.
NFTs are difficult to find and trade quickly due to the lack of a centralized marketplace, and some NFTs are disputed in terms of authenticity and ownership.
As an effort to address these issues, the Chinese government has begun developing a national NFT platform in 2021. It is intended that the marketplace will provide a centralized platform for buying and selling NFTs, and that it will function as a means of better regulating the NFT market and safeguarding the rights of both creators and consumers.
Launch of the platform
In January, China will launch its national NFT platform. China's NFT market is expected to be significantly impacted by this development. There will be a greater assurance of authenticity and ownership of NFTs, making it easier for buyers and sellers to locate and trade them.
With this platform, non-fungible tokens (NFTs) will be traded and digital assets' rights will be transferred. Additionally, it intends to regulate NFT secondary markets and curb excessive speculation.
A recent interview with Yu Jianing, a Chinese expert on digital assets and metaverse developments, provided insights on the industry. Despite the fact that the digital asset sector is still in its infancy, many aspects, such as regulations and supervisory procedures, require modification.
Because the market is still relatively young, there is a great deal of uncertainty. The importance of digital asset platforms taking on the role of listing and trading digital assets was also stressed by Yu Jianing. He stated that digital assets are more vulnerable to regulatory difficulties, including digital copyrights and intellectual property rights.