News JVTech China shows it prefers NFTs over Bitcoin
While China has banned Bitcoin mining activities for more than a year, the country still intends to invest in blockchain. Despite the unattractive context, the country wants to take a serious look at NFTs.
China launches its own NFT marketplace
To develop services related to NFTs, China has created and developed its own platform. In fact, the country will officially launch its NFT (non-fungible token) marketplace this Sunday, according to China Daily.
As a reminder, NFTs are unique digital ownership titles, issued by a blockchain (mainly Ethereum) and associated with a digital object (photo, video, etc.). They are typically used in the arts, sports and other industrial sectors.
This platform, backed by the Chinese government and private company Huban Digital, will allow the country’s 1.4 billion people to buy and sell NFTs, similar to the famous OpenSea platform.
At the moment, few details about this famous NFT platform have been transmitted. However, many believe that the platform will use a blockchain exclusive to Chinese territory. In China, digital collectibles in the form of NFTs can only be purchased using Yuan, not cryptocurrencies as usual.
This digital project is therefore again in line with the government’s logic regarding the supervision of the internet and its uses.
Bitcoin, no, but NFTs, YES!
This is a surprising move by the country that has banned cryptocurrency (PoW) mining on its territory. Thus, it seems that China is open to the development of blockchain, but according to its rules…
In addition, the country recently launched its own digital currency: DCEP (Digital Currency Electronic Payment). It is thus a safe bet that the NFT platform will be operated via this virtual currency.
Regularly used in the anti-static field, NFTs can be used as an authentication token for a virtual work. Still, it remains to be seen what kind of art will be available on this government-controlled marketplace. As the country emerges from a wave of massive protest following the “Zero Covid” policy, it seems unlikely that work on the platform will necessarily be politically engaged.
Also, by using its own codes, the country will surely close itself to the many collections on the market, namely Bored Ape Yacht Club, Cryptopunks, RTFKT (NIKE) and more…