• China will launch its first regulated Non-Fungible Token (NFT) marketplace, the China Digital Asset Trading Platform, on January 1, 2023.
• The platform will enable institutions and individuals to access rights protection monitoring and copyright protection services.
• An expert on digital assets and metaverse space in China, Yu Jianing, believes the launch of the platform represents an acceleration of the digital transformation of the cultural industry in the country.
China is taking a big step forward in the digital transformation of its cultural industry with the launch of its first regulated Non-Fungible Token (NFT) marketplace, the China Digital Asset Trading Platform, on January 1, 2023. The platform is the result of a joint venture between the Chinese Technology Exchange, Art Exhibitions China, and Huban Digital Copyrights Ltd, a private corporation, and is designed to facilitate the exchange of NFTs as a secondary market.
The China Digital Asset Trading Platform will offer a range of services to institutions and individuals. These include rights protection monitoring and copyright protection services concerning digital assets. This will ensure that the NFTs traded on the platform are protected from intellectual property violations. With these services in place, the platform will become a safe and secure marketplace for the trading of digital assets.
Yu Jianing, an expert on digital assets and metaverse space in China, believes that the launch of the China Digital Assets Exchange is a major milestone in the country’s digital transformation. According to him, the platform will enable the cultural industry to take advantage of the opportunities presented by the digital revolution. He believes that the platform will open up new avenues for creativity and innovation in the industry, and will create new opportunities for creators to monetize their work.
Despite the launch of the platform, China has enacted strict laws that ban the trading of crypto-currencies, such as Bitcoin. This has had a negative effect on the crypto industry in the country, with a number of firms ceasing operations as a result of the ban. However, the launch of the China Digital Asset Trading Platform is a sign that the country is looking to embrace the digital revolution and take advantage of the opportunities it presents. This could open up new doors for digital creators and innovators in the country.