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.

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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.

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