China To Launch First National NFT Marketplace Next Week!
China’s New Marketplace
According to a new report by local news outlet Sina News on December 28th, China is set to launch its very first regulated NFT platform on January 1st 2023.
Despite the country’s strict regulations on all things crypto and NFTs, two state-owned companies China Technology Exchange and Art Exhibitions China as well as the private corporate entity Huban Digital have gained the support of the Chinese government to run the new NFT platform.
The aim of creating this project, according to sources, is to “regulate and avoid the excessive speculation in secondary [NFT] markets,” as NFTs have been increasingly growing in popularity within the country.
“In terms of industry supervision and regulation, digital assets represent a new form of commerce, and much regarding laws, regulations and supervisory policies remains to be refined. Therefore, a deal of uncertainty exists. Platforms have a clear responsibility for the listing and trading of digital assets. Relative to intellectual property rights and digital copyrights, digital assets face a greater risk of regulatory soundness.” Leading expert on digital assets, Yu Jianing said.
China narrative potentially about to heat up with the launch of the first national NFT marketplace. It will be interesting to see what impact this has on the market
— seedphrase (@seedphrase) December 28, 2022
Growth Of NFT Marketplaces
In other NFT marketplace news, earlier this month, Apple has announced that they will officially be allowing their iOS users to download third-party apps outside of the Apple Store by 2024.
This is a huge change to the NFT community as Apple’s in-app purchase taxes have caused many crypto and NFT-related apps to be unable to have users transfer directly through using iOS devices.
With the allowance of downloads of third-party apps, which is expected to be launched in Apple’s iOS 17 software update, many in the community are expecting to see a massive surge in the amount of people trading NFTs and cryptocurrencies using their phones.