A ceremony celebrating the launch of the marketplace will be
held in person in Beijing, the country’s capital, on Jan. 1.
The platform will be run by a trio of state-owned and
private entities: China Technology Exchange and Art Exhibitions China, both of
which are government-backed, and Huban Digital, a private company, according to
a report by Chinese state media outlet China Daily.
The marketplace, whose name translates to “China Digital
Asset Trading Platform,” will also be used to trade digital copyrights and
property rights along with collectibles.
The platform’s underlying blockchain is called “China
Cultural Protection Chain,” according to the report.
NFTs have been popular amongst Chinese traders for much of
the past two years, but not in the same ways as the rest of the world. NFTs in
China cannot be purchased with cryptocurrency, according to the country’s laws,
and they aren’t referred to as NFTs, but as digital collectibles.
Digital artwork is also traded on closed, highly regulated
platforms as opposed to open ones. Earlier this month, a Chinese court ruled
that digital assets have similar property rights to items sold on e-commerce
sites, which was seen as a major milestone in their protection.
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