China to Launch State NFT Marketplace

Starting Jan. 1, 2023, China will launch its first state-backed platform for secondary NFT trading

China NFT Marketplace

As reported by the news outlet Sina News, China will launch the first national platform for the secondary exchange of non-fungible tokens (NFT) on Jan. 1, 2023.

The entity was jointly created by the state-owned Chinese Technology Exchange, the state-owned Art Exhibitions China, and Huban Digital Copyrights Ltd, a private corporate entity.

The new service is another step towards national regulation of virtual assets. Previously, the Hangzhou Internet Court decided that NFTs legally belong to the category of virtual property protected by law.

At the same time, digital assets still represent an innovative form of e-commerce. Therefore, related laws, regulations and supervisory policies lack crystal-clear clarity. While uncertainty exists among customers, the involvement of the state organisations may enhance their trust in the trading process.

Besides NFTs, the platform will facilitate the trading of copyrights related to digital assets.

We have previously reported that China also aims to boost its CBDC proposal by adding a digital version of traditional “red packets” to the e-CNY wallet.

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