China’s Blockchain-based Service Network (BSN) is planning to introduce support for non-fungible tokens (NFTs), the South China Morning Post reported. The BSN is a state-backed multi-blockchain hosting network initiated by the State Information Center (SIC) along with Red Date, China Mobile and China UnionPay. As cryptocurrencies are banned in China, the NFTs will be denominated in Chinese yuan.
To differentiate them from public blockchain NFTs, they will be referred to as BSN-Distributed Digital Certificates (BSN-DDC). The BSN launched the network to make blockchain hosting simpler and affordable for SMEs. Likewise, the new BSN-DDC will make it cheaper to mint NFTs compared to the big Chinese platforms. According to He Yifan, CEO of Red Date Technology, BSN’s technology support provider, an NFT can be minted through the BSN-DDC for as little as .05 yuan (.7 cents).
“NFTs in China will see annual output in the billions in the future,” said Mr. He.
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