NFT REVIEW NEWS National NFT Marketplace Coming Soon to China

For some time China has had a complicated relationship with NFTs. First it oversaw a government crackdown on speculative assets, then earlier this year, WeChat proactively closed all NFT-related accounts. Now however, NFT lovers in China have received some good news as local reports state that the country’s first national NFT marketplace will launch on January 1, 2023. 

Details About the Marketplace

As per the latest information, the new marketplace will act as a government regulated platform for the secondary sale of NFTs. As such, its development also includes contributions from the state-owned Chinese Technology Exchange and Art Exhibitions China, and private tech company, Huban Digital Copyrights Ltd.

As a result of this careful approach, the marketplace will face stiff regulation from the government and won’t necessarily operate in the same vein as sites like OpenSea. For example, it will help to facilitate the trading of copyrights related to NFTs. Essentially, with this stance it aims to avoid the issues that often come with speculative NFTs, which China has historically eyed with suspicion. 

 “[…] there are requirements for the time and price of transaction delivery, and the excessive speculation in the secondary market can be avoided by formulating standardized trading processes and standards.” said Yin Tao Xiangyuan, a reporter for The universe NEWS regarding the issue. 

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Source link

If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.

What do you think?

26 NFT Points
Upvote Downvote


I am the curator of the NFT Review Market News. If the document or content infringes any copyright, please point it out in comments and it will be promptly removed. To all the articles we include the link of the Resource that appears as Source Link If this article, video or photo intrigues any copyright, please indicate it to the author's email or in the comment box.

NFT REVIEW Logan Paul NFT Scam Cost Investors Millions

Crypto Alerts Noticias Altcoins Shytoshi Kusama dice que Shibarium se lanzará muy muy pronto