Chinese National NFT Marketplace Set To Launch Next Week

Asian news outlet Sina reported earlier today on the imminent launch of a "China Digital Asset Trading Platform" that will support the trading of digital assets. A ceremony for the launch will be held in Beijing on January 1, 2023.

The exchange will support transactions involving digital collections and digital copyrights, according to Yin Tao, president of Huaban Digital Copyright Service Center Co. Sina notes that, "At present, the specific trading commodities and trading rules are still under study and discussion. For example, there are requirements for the time and price of transaction delivery, and the excessive speculation in the secondary market can be avoided by formulating standardized trading processes and standards."

The platform will be used to "carry out related businesses around the national cultural digitization strategy, and will use blockchain and NFTs as the underlying technology support to innovate." Yu Jianing, co-chairman of the China Communications Industry Association Blockchain Special Committee said of this new initiative, "In terms of industry regulation and compliance, digital collections are a new type of business, and laws, regulations and regulatory policies will be gradually improved, so there are certain uncertainties. Platforms have clear responsibilities for the issuance and trading of digital collections. Compared with intellectual property rights and digital copyrights, digital collections face greater compliance risks."