China to Build Its Own NFT Industry Not Related to Crypto
China’s state-backed Blockchain Services Network saw daylight two years ago. Now, it plans to launch a platform that supports non-fungible tokens. The nation reiterated that it would not be involved in cryptocurrencies.
It is no secret that China wants crypto to remain as far as possible. This is evident in the ban on trading and mining. It will be different from crypto-related NFT transactions. Customers will be able to use the application programming interfaces to create and manage NFT user portals. Clients can only use the Chinese Yuan to purchase and pay service fees. This is a big difference from the crypto space where users must interact with some kind of digital asset. Local businesses refrain from using NFT terms. Instead, they refer to such tokens as “digital collectibles” because of compliance.
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