China plans to launch a regulated NFT marketplace

China has announced its plans to launch the first regulated NFT marketplace in the country. The tentative date for the launch of the marketplace is January 1, 2023. It will allow users to trade digital goods and copyrights associated with them.

Experts in the country have welcomed the move with a hint that the future will require governments and authorities to work together to improve laws and regulations related to the NFT market. Yu Jianing, a leading expert on digital assets, has said that there is a new industry in monitoring and supervision. Yu has further added that there will be certain uncertainties for now; however, laws, regulations and regulatory practices will gradually improve.

The regulated NFT platform has been built in collaboration with three involved parties. These include a state-owned art exhibition in China, a Chinese technology exchange and Huban Digital Copyrights Ltd.

Moreover, China plans to launch a metaverse industry by 2025. It is estimated to be valued at around $28.7 billion. The value may be higher when the industry is launched in the country. According to reports, the metaverse industry will be built in the Zhejiang province of China.

China was initially known to be against the crypto industry. This is evident because the country went around banning BTC mining by imposing a nationwide ban on it. The move came despite China being one of the countries to embrace the change when it was first rolled out worldwide.

It has shown some mixed signals while talking about metaverse and non-fungible tokens. This has potentially led to China making it regulated and official under its supervision and monitoring.

On a positive note, China will host an in-person ceremony to officially include the gray market in its regulations. The ceremony will be held in Beijing, the capital of the country. The NFT marketplace will be based on a blockchain called China cultural preservation chainwith the name roughly translated to China Digital Asset Trading Platform.

The development comes after a Chinese court ruled that digital assets have the same property rights as goods sold on an e-commerce website. This was seen as an important milestone in the protection of digital assets – NFTs.

Over the past two years, NFTs have become popular among Chinese traders. Things have been different compared to the world, as Chinese traders cannot use cryptocurrencies to buy and sell their NFTs, which are called digital collectiblesaccording to the laws of China.

Despite how the journey started, China appears to be moving ahead with the launch of its two most important upcoming technologies under strict regulations and laws, which will be subject to revisions in the coming years.