South China Morning Post reported that Blockchain Services Network (BSN), which is backed by China, plans to establish an NFT infrastructure. The Chinese NFT sector will not be connected to cryptocurrency and will only be allowed services and transactions.

NFTs can be associated in many cases with digital art. Red Date technology CEO He Yifan stated that NFTs are primarily used in China for certificate management. That includes car license plates and school diplomas, as blockchain provides “revolutionary database technology.”

“NFTs are launched and traded on public blockchains, which are decentralised platforms that provide access to anyone wanting to write and read data. However, public chains “are illegal in China” as the state requires all internet systems to verify user identities and permit the regulator to intervene in the event of ‘illegal activities’,”
He Yifan shared his thoughts with the Post.

Flipside

• For conformity, some large tech companies in China still abstain from the term “NFTs” and have chosen to call their NFT projects “digital collectibles.”
• China is trying also to Be the dominant the virtual reality space, as “Chinese businesses have registered more than 7,000 trademarks related to the metaverse.”