China Is About To Launch Its First-Ever National Non-Fungible Token Marketplace

While the cryptocurrency industry is taking a lot of damage from the current economic situation, it is the non-fungible token (NFT) sector that seems to be thriving.

Although the non-fungible token industry was down for a while it has finally started to pick up the pace.

The NFT segment seems to be offering a lot of benefits and advantages, to many users from around the world. People are converting their talents into non-fungible tokens and are selling them to make money.

If an individual is able to make money and generate huge incomes from the NFTs, then the countries can do the same. They can invest money on larger scales in order to generate huge revenues.

As the current situation of the global economy is very alarming, any industry that can offer some kind of support is being adopted by the countries.

Even though China has banned cryptocurrencies on its soul but it has not done the same with the NFTs. Therefore, it is eager to adopt them and take full advantage of the NFT industry.

Report Published by Sina News

Sina News, one of the local news reporting firms from China has published a report pertaining to China’s national NFT marketplace.

The report published by the news agency on December 28, confirms that China is to launch its first national marketplace for NFTs.

The reports confirm that China is to launch the NFT marketplace starting January 1, 2023. The country has chosen the first day of the New Year to launch its marketplace for NFTs.

This way, the country will be able to easily find out how its marketplace has been doing and how it has gone from the time of its launch.

Huban Digital Copyrights Ltd is Launching the Marketplace

The news agency has confirmed that the company busy launching the first NFT marketplace for China is Huban Digital Copyrights Ltd.

It is a private corporate company that is working with Art Exhibitions China, which is an exhibition entity owned by the state.

Things are about to get very interesting for the NFT and digital assets markets once China launches its first marketplace.

The entities working on the NFT marketplace for China have confirmed that the users will be able to do more than NFTs with their platform.

They will be able to acquire the digital assets copyrights’ for the purpose of trading.

The entire purpose of introducing a national NFT marketplace is to provide support and confidence to the secondary NFT marketplaces in the country.

Over time, they will be regulating the rest of the NFT marketplaces that are currently operating in China.

China is going All-Out in NFT Adoption

China seems to be highly determined to host its marketplace for non-fungible tokens. History knows that the country has the habit of going all-out whenever it enters any segment or industry.

Even when cryptocurrencies came into being, they were accessible only through mining. Until the mid of 2021, it was China that was the largest country when it came to mining cryptocurrencies.

At one point, China was mining over 63% of the total cryptocurrencies in the entire world. However, the country started to ban cryptocurrencies and their mining in mid-2021.

This caused the mining activities in China to reduce to around 30% until the country fully got rid of cryptocurrencies in late 2021.

Today, the United States is the largest country when it comes to mining cryptocurrencies.

China May Compete with All Major NFT Companies

As China is now entering the NFT sector, it is going to use all its talents, and resources to gain prominence in the industry.

It is only a matter of time before China comes up with its own NFTs that will start dominating the NFT market. The main question is when China is going to support transactions in cryptocurrencies or digital yuan.

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