China has a rather complicated relationship with NFT, the news about the national marketplace is like a breath of fresh air for Chinese society. First there was a crackdown on speculative assets, and then at the beginning of this year, WeChat actively closed all NFT-related accounts. Local news agency Sina News published information that the first national NFT marketplace in China will be launched on January 1, 2023.
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According to the latest information, the marketplace will operate as a regulated platform for the secondary sale of NFTs. Thus, its development includes the contribution of the state-owned China Technology Exchange and art exhibitions in China, including the private technology company Huban Digital Copyrights Ltd.
Given the caution of each move towards NFTs, the market is likely to face heavy government regulation and is unlikely to operate as freely as the same OpenSea. For example, it will help facilitate the trading of NFT-related copyrights. This position is aimed at avoiding the problems that often come with NFT speculation. In early 2022, China took steps to regulate the metaverse to ensure data security.
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