China to Build Its Own NFT Industry Not Related to Crypto

China’s state-backed Blockchain Services Network, which saw the light of day two years ago, plans to launch a new platform supporting non-fungible tokens. However, the nation reaffirmed that it will have nothing to do with cryptocurrencies.

• It’s no secret anymore that China wants to be as far away from crypto as possible, evident from the all-out ban on mining, trading, and everything in between.
• However, the country is supportive of a few features related to digital assets, including the underlying technology – blockchain.
• It now seems that China wants to take advantage of the ongoing NFT boom, another sphere strongly-related to crypto, but to do it on its own terms.
• According to a recent report, the country’s BSN intends to develop a new infrastructure that will allow users to deploy non-fungible tokens.
• He Yifan, chief executive of Red Date Technology, said NFTs “have no legal issue in China” as long as they are not related to crypto.
• The new platform, dubbed BSN-Distributed Digital Certificate (BSN-DDC), should see the light of day by the end of the month. It will work differently from crypto-related NFT transactions.
• It will offer application programming interfaces for customers to build and manage user portals and apps regarding NFTs. The trick is that clients can use only the Chinese yuan for purchases and service fees, unlike in the crypto space, where the user has to interact with some sort of a digital asset.
• The new platform will initially integrate ten chains, including Fisco Bcos, initiated by WeBank. Local companies refrain from using the NFT term – instead, they call such tokens “digital collectibles” for compliance reasons.