Reports coming from Sina News recently indicate that China is kicking off its own regulated NFT platform beginning in 2023. The platform itself will function as a secondary market for NFT holders and was created by the Chinese Technology Exchange – a State-owned apparatus – in conjunction with the corporate entity Huban Digital Copyrights.
Along with supporting NFTs, the platform itself will enable the trade of copyrights where they relate to NFTs. According to the platform, the platform provides a regulated alternative to other marketplaces to prevent out-of-control speculation.
This news follows a ruling back in November by the Hangzhou Internet Court, which ruled that NFTs are virtual property protected by law.