China will launch the first national marketplace/marketplace for digital assets and non-fungible tokens (NFT) which will run on a government-owned blockchain called “China Cultural Protection Chain”.
This platform will have the option to trade digital copyrights and property rights along with collectibles.
The platform will be managed by state-owned enterprises China Technology Exchange and Art Exhibitions China, plus privately owned Huban Digital.
In addition to NFT, the marketplace also translates as “China Digital Asset Trading Platform”. In China, as in the rest of the world, NFTs have become a very popular phenomenon, although, as cryptocurrency transactions are prohibited by law, they could not be purchased with cryptocurrencies. It is clear that in the face of weak control by the authorities this is all an assumption. In short, it is believed that the transactions of Bored Ape Yacht Club (BAYC) or CryptoPunks, to cite two collections, are paid for with digital assets.
There are countries that have marked the history of cryptocurrencies despite the fact that Bitcoin is global and has no place of residence. El Salvador, for example, became the first to make BTC legal tender. China, therefore, is another territory with a strong relationship with the cryptocurrency market.
Although trading in digital assets is banned in the Asian country, China was for years the great capital of miners. For various reasons, such as the cheap cost of electricity and the favourable climate, it was the ideal field. However, the government took the decision in 2021 to “kick them out” and so they ended up in Kazakhstan, Ukraine, the United States and other places around the world.
However, China’s relationship with the crypto world did not end after the cessation of operations of crypto miners and exchanges in the country as the country will launch the first national marketplace/marketplace for digital assets and non-fungible tokens (NFT). This, as highlighted by CoinDesk, is the “latest sign of acceptance of a technology that has occupied a grey area within the country’s strict cryptocurrency regulations”.
Ceremony to inaugurate the marketplace
This launch does not seem to be a minor event for the authorities, who announced that they will hold a ceremony. This will take place on 1 January in Beijing, the national capital. According to details, the platform will be managed by two state-owned companies (China Technology Exchange and Art Exhibitions China) plus Huban Digital, which is privately owned.
In addition to NFT, the marketplace which also translates as “China Digital Asset Trading Platform” will have the option to trade “digital copyrights and property rights along with collectibles”. This will run on the government’s own blockchain, which is called the China Cultural Protection Chain.
In China, as in the rest of the world, NFTs have become a very popular phenomenon, although, as cryptocurrency transactions are prohibited by law, they could not be purchased with cryptocurrencies. It is clear that in the face of weak control by the authorities this is all an assumption. In short, it is believed that the transactions of Bored Ape Yacht Club (BAYC) or CryptoPunks, to cite two collections, are paid for with digital assets.
Donald Trump’s NFT
On the other side of the world, with the power of innovation as a banner, Donald Trump launched his collection called Trump Digital Trading Cards on 15 December. 45,000 NFT were sold for 0.083 ETH ($99). On the 18th of the same month they reached a peak of 0.84 ETH.
However, a little more than 10 days after that, NFTs collapsed: at the moment they are trading for 0.15 ETH, 80% below the ceiling. CryptoSlate reported that the price drop is due, among other things, to “criticism regarding internal minting, licensing errors and alleged design plagiarism”.
The former US president’s collectibles run on Polygon’s blockchain and are available on OpenSea, the world’s largest marketplace. Currently the collections that have traded the most volume are CryptoPunks and Bored Ape Yacht Club, and they are the two that have moved the most money during the year.
The top 10 is completed by Mutant Ape Yacht Club, Otherdeed for Otherside, Azuki, Clone X, Moonbirds, The Sandbox, Doodles and Meebits.
