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China state-backed NFT trading platform to launch on Jan. 1

“China Digital Asset Trading Platform,” a non-fungible token (NFT) marketplace developed by state-owned entities and a private sector firm, has been set for launch on Jan. 1, 2023, state media outlet China Daily reported on Tuesday.

See related article: NFTs ruled virtual property in China, its sales protected by law 

Fast facts

  • The platform was founded by a Beijing-based private firm, Huaban Digital Copyright Service Center, and two state-backed entities, China Technology Exchange and Art Exhibition China.

  • The new marketplace has obtained a compliance license through China Technology Exchange to offer NFT and digital copyrights trading services, Yin Tao, the chief executive officer of Huaban Digital Copyright Service Center, told another state-owned media outlet in a report published Thursday.

  • Institutions and individuals can register their digital assets and apply for copyright protection services through the platform, according to China Daily.

  • The marketplace is built on “Wenbao Chain” (heritage protection chain), a blockchain network operated by Art Exhibition China.

  • China imposed a blanket ban on cryptocurrency transactions in September 2021 and pledged to crack down on speculative NFT trading activities earlier in 2022.

  • The NFT trading platform is weighing possible trading rules to curb speculative activities, Yin said.

See related article: Chinese marketplace buys back NFTs, citing policy unclarity