China launched a state-sanctioned secondary trading platform for digital assets on New Year’s day. After concern about the speculation around non-fungible tokens (NFT), the four tech giants Tencent, Ant, Baidu and JD self-imposed a ban on the secondary trading of digital collectibles in mid-2022. The new national trading venue only has a live signup process, so it remains to be seen what kind of intellectual property is supported, with the platform’s innovation working group made up of museums, tourist organizations, and copyright holders.
The state-owned China Digital Assets Trading Platform was jointly created by the China Technology Exchange, the Cultural Relics Exchange, and the Copyright Service Centre aiming to standardize the trading process to dampen speculation.
One of the drivers is that China recognizes that digital assets will be important for the development of the metaverse, whether for avatars, clothing, art or museum pieces. In addition to the innovation working group, there is a metaverse working group that includes local governments and state-owned enterprises.
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