cryptonewsz.com
China has announced its plans to launch the first regulated NFT marketplace in the country. The tentative date for the marketplace launch is January 01, 2023. It will allow users to trade digital items and copyrights related to them.
Experts in the country have welcomed the move with a hint that the future will require the authorities and governments to work together to improve the law and regulations related to the NFT marketplace. Yu Jianing, a leading expert in digital assets, has said that it is a new industry in monitoring and supervision. Yu has further added that there will be certain uncertainties for the time being; however, laws, regulations, and regulatory practices will improve gradually.
The regulated NFT platform has been constructed in collaboration with three parties involved. These include a state-owned Art Exhibition China, a Chinese technology exchange, and Huban Digital Copyrights Ltd.
Moreover, China is planning to launch a metaverse industry by 2025. It is estimated to be valued at around $28.7 billion. The value could be higher when the industry is launched in the country. According to reports, the metaverse industry will be constructed in the Zhejiang Province of China.
China was initially noted to be against the crypto industry. This is evident because the country went around banning BTC mining activities by imposing a nationwide ban related to it. The move came despite China being one of the countries to embrace change when it was first launched worldwide.
It has shown some mixed signals while talking about metaverse and non-fungible tokens. This has potentially led to China making it regulated and official under its supervision and monitoring.
On a positive note, China will reportedly host an in-person ceremony to officially include the gray market in its regulations. The ceremony will be conducted in Beijing, the capital of the country. The NFT marketplace will be based on a blockchain called China Cultural Protection Chain, with its name roughly translating to China Digital Asset Trading Platform.
The development comes after a Chinese court ruled that digital assets have the same property rights as items that are sold on an eCommerce website. This was seen as a major milestone in terms of the protection of digital assets – NFTs.
The past two years have seen NFTs gaining popularity among Chinese traders. Things have been different when compared to the world, as Chinese traders cannot use cryptocurrencies to buy and sell their NFTs, which are called digital collectibles, as per the laws of China.
Despite how the journey started, China looks to move ahead with the launch of the two most important upcoming technologies under strict regulations and laws, which will be subject to revisions in the years to come.