Will it include Ethereum and Binance? Report

• China is to launch its first state-backed NFT marketplace, which will be managed by several state-owned entities.
• Users of the platform should expect to trade collectibles, digital copyrights and property rights.

China is taking a big leap into the NFT industry. According to a recent report by the country’s national media, China is launching its first NFT marketplace. The marketplace will be state-supported, and marks a significant growth in the country’s use of NFTs.

The China Daily report added that the country is taking this step in an effort to introduce what it calls “the national cultural digitization strategy.”

The marketplace, named “China Digital Asset Trading Platform, was put together by China Cultural Relics Exchange Center, China Technology Exchange and Huaban Digital Copyright Service Center Co., Ltd. China Daily also added to this with the integration of innovative technologies such as NFTs, into the Chinese market, the development of the country’s cultural industry is expected to flourish.After the launch, the marketplace will allow the trading of more items, including digital collectibles.

Currently, there is no official date for the launch yet. However, it is expected to go live in the near term. China Daily provides more notable details about the platform’s launch, explaining that:

“China Digital Asset Trading Platform will be launched soon, and a platform launch ceremony is scheduled to be held in Beijing on January 1, 2023. The type of platform transactions include intellectual property rights, digital copyrights, digital collections, etc.”

Will China look to Binance or the Ethereum NFT marketplace for support?

In the future, the NFT market will enter into a strategic cooperation with the leading financial institution Zhongrong Global Holdings Co., Ltd.

Zhongrong Global Holdings is a financial company with 8 subsidiaries providing conic services to private and institutional clients globally. Zhongrong’s “digital collection home” platform will provide supported marketplace users with information, content and data about the NFTs and the metaverse.

In particular, Ethereum, a blockchain that powers several NFT marketplaces, could be useful to China in its quest to launch its own NFT marketplace. However, the chances of Ethereum claiming that position are very slim.

This is due to the fact that China’s NFT marketplace will run on a blockchain known as the “China Cultural Protection Chain.” It is also the only “trusted custody service platform for tradable digital assets, providing digital asset registration, rights verification, custody, rights protection monitoring and copyright protection services for institutions and individual users.” according to the local news report.

Binance Blockchain, which is also behind a leading NFT marketplace, may not enter China for the same reasons as Ethereum.

Meanwhile, NFTs, although widely known in China, are still not allowed to trade cryptocurrencies. This is the result of the country’s law, which may change following the newly established plans to debut its own official marketplace.