China plans to create its first regulated market for non-fungible trading tokens (NFTs) on Jan. 1, 2023.
According to a Dec. 28 Sina News story, the new NFT platform was developed by the state-owned Chinese Technology Trade, the state-owned Art Exhibitions China, and the private enterprise Huban Digital Copyrights Ltd. It will act as a secondary market for the exchange of NFTs.
China’s NFT Landscape
In China, NFTs have gained popularity as a way to authenticate and sell rare digital collectibles. The market for NFTs in China has grown significantly in recent years, with several high-profile sales taking place on various platforms.
However, the lack of a centralized marketplace has made it difficult for buyers and sellers to find and trade NFTs quickly, and there have been concerns about the authenticity and ownership of some NFTs.
In an effort to address these issues, the Chinese government announced in 2021 that it was working on developing a national NFT platform. The marketplace is intended to provide a centralized platform for buying and selling NFTs and a way to better regulate the NFT market and protect the rights of creators and consumers.
Launching the Platform
The Chinese national NFT platform will be launched in January. This development is expected to significantly impact the NFT market in China. It will be easier for buyers and sellers to find and trade NFTs, and there will be greater assurances of authenticity and ownership.
The platform aims to facilitate the trade of non-fungible tokens (NFTs) and the transfer of copyrights for digital assets. It also hopes to regulate and curb excessive speculation in NFT secondary markets.
Yu Jianing, an expert on digital assets and metaverse developments in China, recently shared his thoughts on the industry in an interview. He noted that the digital asset sector is still in its early stages and that many parts, such as regulations and supervisory procedures, need to be modified.
As a result of the young marketplace, there is a great deal of uncertainty in the sector. Yu Jianing also stressed the significance of platforms taking on the role of listing and trading digital assets. He stated that digital assets are more vulnerable to regulatory difficulties, including digital copyrights and intellectual property rights.
Source: https://crypto.news/chinas-first-national-nft-marketplace-set-to-launch-next-week/