The Chinese state plans to offer a closed NFT marketplace

The Chinese state will propose a closed NFT market

As one publication reports from local media South China Morning Post, this new NFT service will be built on the Blockchain Services Network (BSN), the Chinese state network. It should be offered from the end of January.

The NFTs offered on the BSN will not be compatible with “real” NFTs existing on the Ethereum (ETH) or Solana (SOL) blockchains for example. This is indeed a closed market, with China having recently toughened its stance against cryptocurrencies.

The official position of the Chinese state is as follows: NFTs do not pose legal problems in China, as long as they are not linked to cryptocurrencies. Consequently, only the yuan (digital or not) will be accepted for purchases and sales of these non-fungible tokens.

👉 Read – The digital yuan wallet is among the most downloaded applications in China

China’s balancing act

The Chinese state expects the NFT market brew billions of dollars in the future. It is a balancing act that the government has been engaged in for several years, trying to capitalize on technologies derived from the blockchain… While firmly prohibiting their use by its population.

Public blockchains are now considered illegal in China, and the country banned all bitcoin mining since last summer. NFTs aren’t technically illegal, but the publication notes that they tend to be referred to as ” digital collectibles to avoid being associated with cryptocurrencies.

The Chinese state expects its NFT market to be mostly used for certificates and documents, for example diplomas or the equivalent of gray cards. What is in any case certain is that we will not see Bored Ape or Cryptopunk on the platform…

👉 Find our guide – What is a non-fungible token (NFT)?

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About the Author : Marine Debelloir


Deputy editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
All items from Marine Debelloir.

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