The future of non-fungible tokens is becoming clearer in China as Chinese tech giants come together to set early industry standards.
Jointly by China Cultural Industry Association, Tencent, Ant Group, Baidu, etc. issued “Self-disciplined development proposals” for the “digital collection industry”. This is a term that the Chinese NFT has rebranded to abolish the financial aspects of the technology.
Trade associations are not regulatory, but can help develop standards and best practices within the industry.The China Cultural Industry Association was established with the permission of the state legislature and, according to its information, counts Alibaba and Tencent among its members. Website..
Chinese NFT enthusiasts are watching the direction of regulation from above.After China Illegal cryptocurrency transactionsBy speculation, the purest form of NFTs (which trade freely and anonymously with cryptocurrencies on the global public blockchain) is not allowed domestically.
That seems to be the case. In April, the Chinese Financial Association proposed an NFT Do not use for securitization Or it is traded in cryptocurrency.
China’s NFT industry could be one step closer to regulation as the country’s largest platform operator takes a stance. According to proposals issued by Tencent, Ant Group and others, digitally collectable platforms will retain relevant regulatory permits, secure the underlying blockchain technology, verify user identity and intellectual property. We need to strengthen protection and categorically ban financial speculation. Promote rational consumption among users.
Chinese technology companies have tested water bodies before NFT regulations were enacted. Giant companies such as Tencent, Ant Group and Baidu Everything Launched Digital Collectable Marketplace It is built on a private consortium chain. Users can only purchase in the Chinese fiat currency RMB, and secondary transactions are widely banned to prevent price spikes.
One company decided to take its ambitions beyond China to investigate the full extent of NFTs. In April, Bilibili, the head of China’s user-generated video streaming site, became a Singapore-based company. Launch an Ethereum-based NFT collection Inspired by the site’s brand assets.