China’s Sichuan Province to launch NFT marketplace

China’s Sichuan Province to launch NFT marketplace

Despite the lack of clarity from the Chinese government regarding digital collectibles, the Sichuan province of Southwest China is working on an NFT trading platform.

The move is a strategy by the cultural and tourism authority in the region to “encourage the music industry to actively adopt modern technology.”

Sichuan has emerged as a hotbed of modern Chinese music, and according to a press release last week, many music companies are opting to use blockchain technology as a means of safeguarding their copyright.

Due to the state media’s denouncement of the NFT market frenzy, the majority of the companies in China refer to NFTs as digital collectibles. However, the Sichuan authority did not refrain from using the term “NFT” in its statement.

According to an insider, the NFT platform project was outsourced to a local blockchain company.

Coincidentally, some other Chinese state media have also been working on rolling out their own NFT trading platforms. Last week, Shandong province’s state-run television station revealed its plans to build a “digital collectibles” trading platform. On the flip side, the Economic Daily (a mouthpiece of the Chinese Communist Party) also called for more stringent regulations on “digital collectibles” last week.

Chinese NFT marketplaces in a bid to comply with state-backed policies are now implementing self-regulatory guidelines on their platforms.

They have pledged to eliminate speculation on their NFT markets, and Alibaba’s blockchain subsidiary AntChain has moved to impose a 180-day transfer lock on its platform while Tencent has a blanket ban on secondary transfers.

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