- China will launch the first national market/marketplace for digital assets and non-fungible tokens (NFT) which will run on a government-owned blockchain named “China Cultural Protection Chain”.
- This platform will have the option to trade digital copyrights and proprietary rights along with collectibles.
- The platform will be managed by the state-owned companies China Technology Exchange and Art Exhibitions China, plus Huban Digital, privately owned.
In addition to NFT, andl Market which is also translated as “China Digital Asset Trading Platform”. This runIn China, as in the rest of the world, NFTs have become a very popular phenomenon, although, since cryptocurrency transactions are prohibited by law, they could not be purchased with cryptocurrencies. It is clear that given the scant control of the authorities, all this is an assumption. In short, it is believed that the purchase and sale operations of the Bored Ape Yacht Club (BAYC) or CryptoPunks, to name two collections, are paid for with digital assets.
There are countries that have marked the history of cryptocurrencies despite the fact that Bitcoin is global and has no place of residence. El Salvador, for example, became the first to make BTC a legal tender. China, therefore, is another territory with a strong relationship with the cryptocurrency market.
Although the trading of digital assets is prohibited in the Asian country, China was for years the great capital of miners. For different reasons, such as the cheap cost of electricity plus the favorable climate, it was the ideal field. However, the government made the determination in 2021 to “throw them out” and so they ended up in Kazakhstan, Ukraine, the United States and other places in the world.
However the relationship of China with the crypto world did not end after the cessation of operations of crypto miners and exchanges in the country because the country will launch the first national market/marketplace for digital assets and non-fungible tokens (NFT). This, as highlighted CoinDeskis the “latest sign of acceptance of a technology that has occupied a gray area within the country’s strict cryptocurrency regulations”.
Ceremony to inaugurate the marketplace
This launch does not seem to be a minor event for the authorities, who announced that they will hold a ceremony. This will take place on January 1 in Beijing, the national capital. According to details, The platform will be managed by two state-owned companies (China Technology Exchange and Art Exhibitions China) plus Huban Digital, privately owned.
In addition to NFT, andThe marketplace which is also translated as “China Digital Asset Trading Platform” will have the option to trade “digital copyrights and property rights along with collectibles”. This will run on a government-owned blockchain, which is called the China Cultural Protection Chain.
In China, as in the rest of the world, NFTs have become a very popular phenomenon, although since cryptocurrency transactions are prohibited by law, they could not be purchased with cryptocurrencies. It is clear that given the scant control of the authorities, all this is an assumption. In short, it is believed that the purchase and sale operations of the Bored Ape Yacht Club (BAYC) or CryptoPunks, to name two collections, are paid for with digital assets.
Donald Trump’s NFT
On the other side of the world, with the power of innovation as his flag, Donald Trump launched his collection called Trump Digital Trading Cards on December 15. 45,000 NFTs were sold for 0.083 ETH ($99 USD). On the 18th of the same month they reached a maximum peak of 0.84 ETH.
However, just over 10 days after that, the NFTs collapsed: at the moment they are trading for 0.15 ETH, 80% below the ceiling. Since CryptoSlate They reported that the price drop is due, among other things, to “criticism regarding internal minting, license errors, and alleged plagiarism of the design.”
The collectibles of the former president of the United States run on the Polygon blockchain and are available at OpenSea, the largest market in the world. Currently, the collections that have sold the most volume are CryptoPunks and Bored Ape Yacht Club, and they are the two that have moved the most money during the year.
The top 10 is completed by: Mutant Ape Yacht Club, Otherdeed for Otherside, Azuki, Clone X, Moonbirds, The Sandbox, Doodles and Meebits.
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