China’s First Nationwide NFT Marketplace To Open Next Week

Subh Rath

January 2, 2023

According to a story published on December 28 by the Chinese news agency Sina News, China will open its first regulated platform for non-fungible token (NFT) trading on January 1, 2023. The Chinese Technology Exchange, the state-owned Art Exhibitions China, and the private corporate entity Huban Digital Copyrights Ltd. established the company to create a secondary market for the trade of non-fungible tokens (NFTs).

In addition to NFTs, the platform will enable the exchange of copyrights for digital assets. According to one individual familiar with the situation, the initiative aims to regulate and prevent excessive speculation in secondary markets for non-fungible tokens (NFTs).

Regulation Risk for Digital Assets:

Expert on digital assets and Chinese metaverse developments, Yu Jianing also said in an interview:

“In terms of industry supervision and regulation, digital assets represent a new form of commerce, and much regarding laws, regulations and supervisory policies remains to be refined. Therefore, a deal of uncertainty exists. Platforms have a clear responsibility for the listing and trading of digital assets. Relative to intellectual property rights and digital copyrights, digital assets face a greater risk of regulatory soundness.”

As a result, there is a lot of uncertainty. Companies are in charge of marketing and selling digital assets. Digital assets are more vulnerable to regulatory instability than intellectual property rights and virtual trademarks.

On November 29, the Hangzhou Internet Court, which specializes in network legal conflicts in China, decided that NFTs are valid digital assets with land ownership object attributes such as price, rarity, adaptability, and traceability.

China’s Take on Digital Assets:

Even though cryptocurrency is regarded as a form of electronically created property that is legally protected, the trading of cryptocurrency has been outlawed in China since 2021.

However, NFTs have been very popular among investors in China for the past two years, albeit in a manner that is distinct from that prevalent in the rest of the world. Bitcoins, on the other hand, are considered electronic things rather than NFTs and hence cannot be used to make purchases of non-fungible tokens in China.

However, with the beginning of this event on January 1, 2023, it is apparent that China is taking significant steps to embrace and celebrate the inauguration of the marketplace in Beijing, the country’s capital. This event will take place in Beijing.