China To Launch First NFT Marketplace On January 1st, 2023
On December 28th, a local news media, Sina News, stated that China is close to launching its first regulated NFT trading platform. According to the report, China will launch the NFT marketplace on January 1st, 2023.
China To Unveil NFT Marketplace Next Year
The NFT marketplace will serve as a secondary market where users can trade and exchange NFTs. A group of state-owned agencies partnered together to build the marketplace.
The partners were the Art Exhibitions China and the Chinese Technology Exchange. Also, another private corporation, Huban Digital Copyrights Limited, took part in developing the trading platform.
According to Sina News, the marketplace is not restricted to NFT trading only. Users could trade copyrights related to virtual assets on the upcoming marketplace.
An inside source stated that the initiative would provide a regulated environment where users can trade NFTs and copyrights. In addition, the initiative will help the excessive speculations which occur in secondary NFT marketplaces.
In a recent interview, a Chinese expert on metaverse developments and digital assets, Yu Jianing, noted the enormous uncertainty concerning digital assets.
According to Jianing, digital assets are very new. Hence, there is little regulation and supervision of the sector. The Chinese expert said the country is still working on supervisory policies and regulations for this sector.
“Platforms are responsible for listing and trading virtual assets. Digital assets face a higher regulation risk than digital copyrights and intellectual property rights,” Jianing added.
Chinese Court Considers NFTs Digital Properties
On November 29th, the Hangzhou Internet Court ruled that NFTs are digital properties protected under the law. Also, the court stated that NFTs have features of property rights like trade-ability, controllability, value, and scarcity,
The Hangzhou Internet Court is a law court that settles Internet-based legal disputes in China. Although the country remains open to NFTs, the case is different for digital currencies.
In 2021, China banned the operations of crypto exchanges and crypto in the country. However, the possession of digital currencies is still regarded as virtual property and is protected under the law.
The same year, the country also banned crypto mining activities forcing crypto miners to seek refuge in other countries. Although China does not accept crypto, the government has embraced other Web3 technologies, the metaverse, and blockchain technology.
In 2022, the country achieved notable success with its CBDC development and usage. China conducted numerous tests of the digital Yuan in popular areas like Shanghai and Beijing.
Besides, several parts of the country are already using the e-Yuan to pay for train services.
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