Chinese museums in Web3 – The China i hate bitcoin (BTC), but he really loves NFTs ? This future market bears witness to thegrowing interest cultural and scientific institutions of the country for blockchain and non-fungible tokens.
The December 28 article in the state-owned China Daily refers to the creation neighbor of a market NFTs supported by the Chinese government. Two institutions are involved in the launch of this platform which will enable the trading of NFTs on secondary markets.
The first is the Chinese Technology Exchange, which is an institution that government agencies, including the Ministry of Science and Technology and the Chinese Academy of Sciences, have jointly established. The second is the Cultural Relics Exchange Center of Chinawhich is a body linked to the State Administration of Cultural Heritage.
Within the framework of this project, these institutions collaborate with the company Digital copyrights of Huaban based in Beijing. Technically, the NFT market will be hosted on a blockchain, developed by the China Cultural Relics Exchange Center and Huaban. This platform may expose NFTs related to museum creations and other cultural institutions.
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NFTs and Regulatory Uncertainty Around the Industry in China
This future market would then suggest that Chinese authorities they remain open to blockchain and NFTs, despite their own aversion to cryptocurrenciesparticularly for speculations relating to the latter.
However, the real position of Chinese lawmakers and regulators regarding NFTs is difficult to understand in practice. This Chinese-backed platform also raises regulatory questions about its functionality. Indeed, although the speculation relating to NFTs prohibitedhowever, this market should allow its users to trade the non-fungible tokens, which they will have bought there beforehand.
Will this NFT platform encourage more Chinese companies to enter the industry? A relatively murky regulatory framework remains a major obstacle to this type of initiative for the private sector, but the situation is changing gradually for NFTs in China. Furthermore, the Hangzhou court recently made a decision that makes it possible reduce this regulatory vagueness around NFTs in the country.
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