China Reportedly Launching NFT Marketplace Under Government Oversight

•  In China, NFTs are called digital collectibles instead of NFTs.
• Opinions on the metaverse and NFTs were divided throughout the nation.

For the better part of two years, NFTs have been widely used by Chinese traders, but maybe not in the same manner as elsewhere. In China, NFTs are called digital collectibles instead of NFTs and cannot be bought with cryptocurrencies due to local regulations.

China was among the pioneering countries to embrace this new sector. At the time, most people across the globe understood virtually little about the crypto-world. China has decided to completely outlaw cryptocurrencies. Since it seems like every nation is pushing into the industry at the same time.

Evidently the country demolished major Bitcoin mining firms and put a comprehensive ban on the industry. However, opinions on the metaverse and NFTs were divided throughout the nation. Zhejiang Province in China has recently declared its intent to establish a metaverse economy. By 2025, the industry’s value is predicted to exceed $28.7 billion.

Protected by Law

One Chinese news outlet claims that on January 1, 2023, China would introduce its first NFT platform under government oversight. Details indicate that the NFT platform was developed via a collaboration between the state-owned Chinese technology exchange, the state-owned Art Exhibitions China, and the private corporate entity Huban Digital Copyrights Ltd. Additionally, digital asset copyrights may be traded on the new NFT platform under regulatory oversight.

Previously, on November 29th, the Hangzhou Internet Court, which specializes in internet-related legal issues in China, decided that NFTs are virtual property protected by law. There has been a restriction on cryptocurrency exchanges in China since 2021, although cryptocurrency is legally recognized as a form of virtual property.

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