Sina News reports that China will launch the first state-run NFT marketplace in January 2023. According to the news, the China Digital Asset Trading Platform was jointly developed by the government-backed China Technology Exchange, China Cultural Relics Exchange Center, and the private company Huban Digital Copyrights Ltd. The platform will start to operate on January 1, 2023. The initiative is part of China’s national cultural digital transformation strategy. The country seeks to implement blockchain technology in the NFT marketplace to support the country’s cultural industry’s digital transformation. Currently, the country uses NFT technology to create digital collectibles, and the platform aims to promote them. Besides, digital copyrights are among the key tradable assets. Meanwhile, according to the country’s crypto regulations, one cannot buy NFTs for cryptocurrency. In September 2021, the People’s Bank of China banned crypto transactions in the country. So now transactions with digital currencies are considered illegal financial activity. As for NFTs, they were sold on regulated digital platforms.
