China crypto laws will ban decentralization, but that doesn’t mean they don’t want an NFT ecosystem. Most of us thought that China’s negative postures on crypto would replicate to NFTs. Surprisingly, they see their potential and want to nurture them.
What is all about
China’s state-backed Blockchain Services Network (BSN) seeks to launch infrastructure to support the creation and trading of NFTs. Despite China’s surprising support, its postures on crypto will not change. Previously, China has taken a hard line on cryptocurrencies, banning Bitcoin mining nationwide. In fact, that wasn’t the end for crypto regulation in China, as they cracked down on illegal crypto miners refusing to stop. Clearly, bringing in NFTs may not be so simple for such an anti-crypto country. Therefore, all NFT marketplaces launching in China will only support yuan for purchasing and transaction fees.
The reason why China Crypto Laws will support NFTs
It’s not a secret to anyone that NFTs create large sums of money for creators and investors. China doesn’t want to miss out on the significant revenue it could bring in the future. They believe that the technology behind NFTs has many applications that everyone else is not exploring. That’s why they will give individuals and businesses a platform to build and experiment.
NFTs unexplored applications
We all know by now the impact that NFTs have had on art and gaming, but China believes that there are more appealing use cases. According to He Yifan, chief executive of Red Date Technology, certificate management is one of the most practical applications for this technology. It’s not the first time that the potential of NFTs in this area has been discussed, but it could be the first time it’s turned into reality.
Are you tired of missing important NFT drops?
Just check out our NFT Calendar !
Subscribe to our hot social media and don’t miss anything else
If you’re old school :
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investments.
Owners, holders, fans, community members, whales… Want to boost this article by featuring it on top of the Homepage? ==> Contact us!
Comments (No)