China’s Sichuan province launches NFT marketplace

The cultural and tourism authority in Southwest China’s Sichuan province built a non-fungible token (NFT) trading platform to “encourage the music industry to actively adopt modern technology.”

See related article: China’s Shandong TV to build NFT marketplace

Fast facts

• The Sichuan government Thursday said a number of music companies are using blockchain technology to safeguard their copyright.
• Sichuan has emerged as a hotbed of modern Chinese music.
• Many companies in China refer to NFTs as “digital collectibles” following state media’s denouncement of the market frenzy.
• However, the Sichuan authority did not shy away from using the term “NFT” in its Thursday statement.
• The department that released the statement told Forkast the NFT platform project was outsourced to a local blockchain company.
• Meanwhile, some Chinese state media are also building their own platforms. 

• Shandong province’s state-run television station last week said it plans to build a “digital collectibles” trading platform.
• The Economic Daily, a mouthpiece of the Chinese Communist Party, called for stricter regulation of “digital collectibles” last week.

See related article: China’s Communist Party wants to regulate NFTs