The state-backed platform will serve as a secondary market for NFTs and digital asset copyrights.
In brief:
- In addition to NFTs, the platform will also facilitate the trading of copyrights related to digital assets.
- The aim is to regulate and avoid speculation in the secondary market
- The platform will be run by three state-owned and private entities, including China Technology Exchange and Art Exhibitions China, both of which are government-backed, and Huban Digital, a private company, according to a report by Chinese state media outlet China Daily.
What does this mean?
Yu Jianing, a leading expert on digital assets and the metaverse in China has said “In terms of industry supervision and regulation, digital assets represent a new form of commerce, and much regarding laws, regulations and supervisory policies remains to be refined. Therefore, a deal of uncertainty exists. Platforms have a clear responsibility for the listing and trading of digital assets. Relative to intellectual property rights and digital copyrights, digital assets face a greater risk of regulatory soundness.”
