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A State-Supported NFT Marketplace is Soon to Launch in China

State-Supported NFT Marketplace

A State-Supported NFT Marketplace is Soon to Launch in China.The NFT market place, also known as the “China Digital Asset Trading Platform,” is scheduled to debut on January 1st.

In order to enter the cryptocurrency market cautiously and with little restriction, the Chinese government has chosen to establish its own, state-backed NFT marketplace.

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state-supported nft marketplace development

 State-Supported NFT Marketplace
State-Supported NFT Marketplace

Chinese NFT traders and developers will be able to continue participating in the rapidly expanding NFT industry thanks to this Chinese state-backed market, but with the Chinese government keeping an eye on them.

Details indicate that it will be introduced on January 1 under the name “China Digital Asset Trading Platform” by the Chinese government. The Chinese government has planned a launch ceremony for the platform that will take place in Beijing, the nation’s capital. We may anticipate that few people will attend the launch ceremony because it takes place at a time when the nation is heavily affected by COVID 19.

This programme aims to create a much safer atmosphere because the Chinese government is aware of the risks and security issues associated with NFT and crypto markets.

Instead of allowing the China Digital Asset Trading Platform to utilise well-known blockchain technology like Etheruem, the Chinese government has created a brand-new blockchain called the “China Cultural Heritage Chain.”

The Chinese government just this week made it possible for CBDC users to send monetary presents to friends and family in the form of “red packets.” The “red packets,” also known as “Hongbao,” are used to give individuals money as a sign of luck during festivals in the Asian country and are seen as a symbol of “good luck.”

Before all activities related to that sector were outlawed in China, the electricity needed to conduct crypto-related operations had become a concern for the Chinese government along with the volatility of the crypto sector and the secrecy of transactions crypto offers.

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