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China own nft based statebacked infrastructure

The NFT market generated $23 billion in trading volume over the course of 2021, according to data from DappRadar, up dramatically from $100 million in 2020.

Given the Chinese government’s stance on cryptocurrency, it’s no surprise that companies in the country have played it safe on NFTs thus far. In a separate report this week, the South China Morning Post wrote that amid rising demand for NFTs in China, companies have taken to calling them “digital collectibles” and are largely avoiding the NFT branding.

Companies selling tokenized digital collectibles cannot allow them to be resold, due to government fears of speculation and money laundering.


BSN actively expands its global presence to lure more developers to use the blockchain network.

Fast facts

  • Cypherium, a smart contract technology provider focusing on central bank digital currency (CBDC), has joined with BSN to make the infrastructure more accessible to developers, the company said today in a statement.
  • BSN will integrate into its network technology provided by Cypherium that comes with scalability, security and decentralization features, in a bid to enhance efficiency for central banks to develop and manage CBDCs.
  • BSN has already integrated over 20 permissioned and permissionless frameworks, including Hyperledger Fabric, ConsenSys Quorum, Ethereum, Tezos, Solana and Algorand, the company said.
  • The new partnership reflects BSN’s ambition to expand overseas.

However, public chains “are illegal in China” as the state requires all internet systems to verify user identities and permit the regulator to intervene in the event of “illegal activities”, He said.

He said that BSN-DDC will integrate 10 chains, including the adapted version of Ethereum and Corda, plus domestic ones like Fisco Bcos, initiated by Tencent-backed fintech firm WeBank.

Although NFTs are not illegal in China, several Big Tech companies have chosen to call their NFT projects “digital collectibles” for compliance reasons.

Ant Group, the fintech affiliate of Post owner Alibaba Group Holding, and Tencent Holdings, were the first Chinese tech giants to embrace NFTs, launching dozens of products since last summer.

Red Date Technology CEO He Yifan. Photo: Handout alt=Red Date Technology CEO He Yifan.

Last year, China’s government banned cryptocurrencies, their trading and their mining out of fear to see its financial system destabilized. This choice has also been justified by the fact that the government claims this new technology to be “a threat to citizens’ assets and a tool for facilitating criminal activities like money laundering.

First, a few things to know about China and cryptocurrencies:

You want a fun fact ? China was the earliest country to embrace and believe in cryptocurrencies and was the worldwide leader in mining them. When the ban occurred, it caused major selloffs before the prices could stabilize.

It is important to be aware that it didn’t happen just like that, it involved many steps.
The first step was to forbid every financial institution to have any direct or indirect contact with cryptocurrency transactions.

Finally, state-run media Xinhua News Agency stepped in the NFT game, giving away more than 100.000 digital collectibles for Christmas.

Utility

“NFTs in China will see the annual output in billions in the future,” according to Yifan, who explained that “public chains are illegal in China, as the state requires all internet systems to verify user identities and permit the regulator to intervene in the event of illegal activities.”

With this in mind, Red Date developed the open permissioned chain–leveraging an adapted solution that can be governed by a designated group.

Only Chinese yuan is allowed for purchases and service fees.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

NFTs are hot commodities in China despite ban on profit

“NFTs in China will see annual output in the billions in the future,” He said in an interview.

NFTs are launched and traded on public blockchains, which are decentralised platforms that provide access to anyone wanting to write and read data.

BSN, which was founded by Red Date along with state-owned China Mobile, China Union Pay, and the State Information Centre, has already “localized” more than 20 public chains since its launch in 2018.

According to Yifan, BSN-DDC will integrate 10 chains, including the adapted version of Ethereum and Corda, in addition to domestic ones, such as Fisco Bcos, initiated by Tencent-backed fintech firm WeBank.

Compared to other single-company platforms, BSN-DDC is compatible across chains and is cheaper, explained Yifan, according to whom, issuing an NFT can be as cheap as 0.05 yuan ($0.7).

Turkey and Uzbekistan.

  • “The BSN was designed to enable interoperability across different blockchain frameworks and dramatically reduce the cost of developing and running blockchain applications,” Yifan He, CEO of Red Date Technology — the company China tapped to manage its BSN — and executive director of the BSN Development Association, said in the statement.
  • In July 2020, the BSN separated into two ecosystems, BSN China and BSN International. BSN International, headquartered in Hong Kong, has integrated major public chains, which tend to focus on cryptocurrency and decentralized systems, while BSN China, which owns the majority of BSN’s city nodes across the mainland, is a separate permission-based system that cannot access public chains deployed on BSN International.
  • Meanwhile, China is pioneering the world’s first major central bank digital currency.

It’s an adaptive version that can be managed by a designated group. The exec noted that the blockchain services network has “localized” more than 20 public chains since its launch four years ago.

The CEO added that the latest infrastructure will add 10 more chains, including adapted versions of Ether and Corda, in addition to domestic ones such as Fisco Bcos, launched by WeBank, a Tencent-backed fintech company.

NFT Market Thriving Despite Tough Regulatory Environment

While there is no talk of an outright ban on NFT, the Chinese government remains wary of an industry that has taken the world by storm. Just like elsewhere, NFTs are booming in China. However, in an effort not to attract scrutiny, many prominent Chinese companies have dropped the term “NFT” in favor of the term “digital collectibles”.

NFT applications they would like to build, according to He Yifan, CEO of BSN developer Red Date Technlogy.

  • He also said that the project would turn a profit this year if it could help generate 10 million NFTs.(SCMP,Forkast)
  • SEE ALSO: Blockchain Services Network Architect Red Date to Launch NFT Infrastructure in China

    The Communication University of China launches virtual campus in the metaverse

    The leading public university has launched a virtual campus in Baidu‘s recently unveiled Xirang metaverse, making it China’s first academic institution to enter the industry.

    • The Communication University’s digital art department has recreated the school’s architecture and infrastructure using 3D modeling, street view maps and other digital tools.

    The exec noted that the blockchain services network has “localized” more than 20 public chains since its launch four years ago.

    The CEO added that the latest infrastructure will add 10 more chains, including adapted versions of Ether and Corda, in addition to domestic ones such as Fisco Bcos, launched by WeBank, a Tencent-backed fintech company.

    NFT Market Thriving Despite Tough Regulatory Environment

    While there is no talk of an outright ban on NFT, the Chinese government remains wary of an industry that has taken the world by storm. Just like elsewhere, NFTs are booming in China. However, in an effort not to attract scrutiny, many prominent Chinese companies have dropped the term “NFT” in favor of the term “digital collectibles”. The sensitivity to cryptocurrency products has not hurt NFT’s popularity in China.

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