News JVTech China shows it prefers NFTs to Bitcoin
Published on 31/12/2022 at 17:45
While China has banned Bitcoin mining activities for more than a year, the country nevertheless intends to invest in the blockchain. Despite the unattractive context, the country wishes to take a serious look at NFTs.
China launches its own NFT marketplace
In order to develop services related to NFTs, China has created and developed its own platform. Indeed, the country will officially launch its NFT (non-fungible token) marketplace this Sunday, according to China Daily.
As a reminder, NFTs are unique digital titles of ownership, issued by a blockchain (mainly Ethereum) and associated with a digital object (photo, video, etc.). They are typically used in art, sports, and other industrial sectors.
This platform, backed by the Chinese government and private company Huban Digital, will allow the country’s 1.4 billion people to buy and sell NFTs, similar to the famous OpenSea platform.
For the moment, few details concerning this famous NFT platform have been transmitted. However, many believe that the platform will use a blockchain exclusive to Chinese territory. In China, digital collectibles in the form of NFTs can only be purchased using Yuan, not cryptocurrencies as usual.
This digital project is therefore once again in line with the logic of the government concerning the supervision of the Internet and its uses.
Bitcoin, no, but NFTs, YES!
This is a surprising move from the country that has banned cryptocurrency (PoW) mining activities on its territory. Thus, it would seem that China is open to the development of the blockchain, but according to its rules…
Moreover, the country recently launched its own digital currency: the DCEP (Digital Currency Electronic Payment). Thus, it is a safe bet that the NFT platform will be powered via this virtual currency.
Regularly used in the antistatic field, NFTs can be used as an authentication token for a virtual work. However, it remains to be seen what kind of art will be available in this government-controlled marketplace. As the country emerges from a wave of massive protest following the “Zero Covid” policy, it seems unlikely that the works on the platform will necessarily be politically engaged.
Moreover, by using its own codes, the country will surely close itself to the many collections in the market, namely Bored Ape Yacht Club, Cryptopunks, RTFKT (NIKE) and more…
