China is launching its first state-backed NFT marketplace, which will be run by three state-owned (China Technology Exchange and Art Exhibitions) and private (Huban Digital) entities and whose underlying blockchain is called “China Cultural Protection Chain.” The marketplace launch will be on Sunday; a celebration will occur in Beijing.
The marketplace will also trade digital copyrights, property rights, and collectibles. This move is seen as a sign of embrace for the technology of NFTs, despite China’s strict regulations on cryptocurrency and laws that state that NFTs cannot be purchased with cryptocurrency and refer to them as digital collectibles.
A Chinese court ruled earlier this month that digital assets have the same property rights as products sold on e-commerce sites, which is significant progress toward their protection.
