According to a local media report, China is about to launch its first regulated non-fungible token (NFT) marketplace.
The “China Digital Asset Trading Platform” was developed by China Technology Exchange (CTEX), China Cultural Relics Exchange Center, and Huaban Digital Copyright Service Center Co., Ltd.
The new regulated NFT marketplace will focus on digital collections and digital copyrights. It will employ standardized trading standards and procedures to minimize current challenges such as transaction delivery time and pricing requirements, and excessive speculation in the secondary market.
The platform will be officially introduced on January 1, 2023, in Beijing.
The launch of the China Digital Assets Exchange will mark the acceleration of the country’s cultural industry’s digital transformation process, as well as the development of data capitalization and asset digitization.
In reality, China has been heavily active in the adoption of Web3 technologies. One example of the measures undertaken by the government to create and enable virtual reality applications is the “Metaverse and Virtual Reality Interaction Joint Research Institute” founded in Shangai in August.
Several large Chinese companies followed suit after that, such as Alibaba, which launched metaverse shopping experiences, and national universities such as Nanjing University, which renamed its Department of Information Engineering to the Department of Metaverse Engineering in an effort to prepare future generations for the new technological era.