
The Chinese government has adopted its own regulatory model due to concerns over cryptocurrencies, but it would be a mistake to assume that China is reluctant to regulate. Web3 development!
As the world’s leading economic powerhouse, China has always been at the forefront of technological development. And with its recent foray into the world of Web3, it seems poised for major leadership in this growing industry.
Last week, China announced it would launch its first non-fungible token market in the country in 2023. This move will surely shake up his NFT vision for the world and could have a huge impact on the future of Web3 development. So what does this mean for Web3 enthusiasts? Let’s take a closer look.
Web3 development in China
China is a key player in the global Web3 development landscape and its progress shows no signs of slowing down.
Web3’s development in China has been shaped by government regulations on cryptocurrencies due to potential instability. Nevertheless, Chinese companies continue to explore new uses for blockchain technology while actively pursuing innovation.
With domestic and regulated markets, traceability applications within the supply chain, and an ambitious pilot project for a digital yuan, China is making its mark on this revolutionary technology, paving the way for future innovations and global It has become a model for other countries.
For example, Alibaba, China’s largest commerce company, challenging A player with a non-fungible token in Ant Adventure, the first blockchain-based game. In addition, users can play games through his Alipay mobile his app. Walmart China and VeChainThor blockchain collaborate to track food processing in the supply chain management industry Walmart China Blockchain A traceability platform.
In addition, China is also very active in the medical sector when it comes to data processing and verification. China is also developing its own CBDC, the Digital Yuan, and is gradually expanding pilot projects to more provinces.
China’s NFT industry
China is making waves in the Web3 development environment by actively pursuing innovation in blockchain technology.On the basis of the report According to Research and Markets, China’s NFT industry is estimated to grow significantly at a CAGR of 49.6% from 2022 to 2028. The forecast proves that China is set for a larger share of the global industry in terms of adoption and innovation.
Although non-fungible tokens have been around for several years, it is only recently that Chinese citizens have begun to understand the full extent of their functionality. Non-fungible tokens offer an unparalleled level of security as each token is unique and cannot be duplicated or counterfeited. This makes it extremely useful for creators who want to protect their work from exploitation and theft.
Since last year, Chinese authorities have introduced regulations on non-fungible tokens as part of an effort to encourage innovation and development within the Web3 space. The government has released guidelines that clearly define NFTs as digital assets with clear economic value, subject to legal protection under national laws. This provides the necessary assurances that investors, developers, and entrepreneurs require, allowing them to operate without fear of repercussions.
In addition to the increasing use of DeFi protocols, several high-profile partnerships between Chinese companies and major Web3 projects have also boosted investor confidence in the sector’s potential. For example, Huobi Group collaborated with Decentraland Metaverse last year to create a dedicated digital playground built on Ethereum using blockchain technology called Huobi World Plus. The Metaverse gives gamers around the world access to exclusive content previously inaccessible anywhere.
China’s first national NFT marketplace in 2023
On the basis of the report China announced that it will launch the first national and regulated platform for NFT trading on January 1, 2023, published by local news outlet Sina News on December 28 last year. Did.
The platform is the result of a collaboration between state-owned organizations, including China Technology Exchange and Art Exhibition China, and a private company, Huban Digital Copyrights Ltd. The new platform exchange will allow users to invest their digital assets in an organized marketplace that will help reduce speculation in the industry.
of NFT Marketplace Due to its focus on regulation, it operates differently than traditional cryptocurrency exchanges.Mr. Yu Jianing, an expert in metaverse Developments in China say that laws, regulations and supervisory policies need to improve as digital assets are a new form of commerce. He added that the new platform will have clear responsibilities for listing and trading digital assets. Yu Jianing believes digital assets face greater risks to regulatory integrity compared to intellectual property rights and digital copyrights.
The launch of this nationwide NFT exchange could mark a tipping point in mainstream adoption of virtual tokens if it succeeds in providing users with secure access to digital asset trading services. Users will be able to purchase non-fungible tokens directly from the platform without having to resort to peer-to-peer (P2P) exchanges or other methods that are vulnerable to manipulation and fraud.
Additionally, this new platform will help copyright owners who want to monetize their work by allowing them to sell their work directly on the platform, rather than listing it on secondary markets such as OpenSea or Rarible. support.
Conclusion
Non-fungible tokens are fast becoming the hottest digital asset in town, with China taking the lead in new markets that have launched this year. This new platform will allow users to access a secure marketplace for her NFT trading as well as support copyright owners who want to monetize their work.
It’s time to join and join the NFT revolution. It could be Web3’s ticket to success. Join NFTICALLY to launch your very own NFT collection.
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