Chinese museums in Web3 – The China hate bitcoin (BTC), but does she really love NFTs ? This future marketplace bears witness to thegrowing interest cultural and scientific institutions in the country for blockchain and non-fungible tokens.
The December 28 article in the state-run newspaper China Daily refers to the creation next of a marketplace NFT supported by the Chinese government. Two institutions are involved in the launch of this platform which will allow NFTs to be traded on the secondary markets.
The first is the China Technology Exchange, which is an institution that government agencies including the Ministry of Science and Technology and the Chinese Academy of Sciences jointly established. The second is the China Cultural Relics Exchange Centerwhich is an institution related to the State Administration of Cultural Heritage.
Within the framework of this project, these institutions collaborate with the company Huaban Digital Copyrights based in Beijing. Technically, the NFT marketplace will be hosted on a blockchain, which the China Cultural Relics Exchange Center and Huaban developed. This platform could expose NFTs related to museum creations and other cultural institutions.
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NFT and regulatory uncertainty around the sector in China
This future marketplace would thus suggest that chinese authorities remain open to blockchain and NFTs, despite their aversion to cryptocurrenciesin particular for speculation relating to the latter.
However, the real position of Chinese legislators and regulators regarding NFTs is difficult to grasp in practice. Even this platform that Chinese institutions support raise regulatory questions about its functionality. Indeed, although the speculation related to NFTs either prohibitedthis market place should however allow its users to exchange the non-fungible tokens, which they will have purchased there beforehand.
Will this NFT platform encourage more Chinese companies to enter the sector? A relatively obscure regulatory framework remains a major obstacle to this type of initiative for the private sector, but the situation is changing gradually for NFTs in China. Recently, the court of Hangzhou has moreover taken a decision which makes it possible to reduce this regulatory vagueness around NFTs in the country.
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