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China opens its first NFT marketplace

NFT trading is becoming increasingly popular in China.

By Mike Hesp
• 2 min read
China opens its first NFT marketplace

NFT trading is becoming increasingly popular in China. Now the country is opening a state-supported marketplace for "digital collectibles".

China is diving into the crypto sector by launching its own NFT marketplace on January 1. The platform will be under state supervision. It is run by the China Technology Exchange and Art Exhibitions China. Both entities are government-run. The private company Huban Digital is also involved.

In China, the term "NFTs" isn’t used; instead they refer to them as "digital collectibles," which by law cannot be purchased with cryptocurrencies. Digital art is traded on closed and tightly regulated platforms. The country aims to base the marketplace on its own blockchain, the "China Cultural Protection Chain," according to local broadcaster Sina Finance.

Earlier this month, a Chinese court classified NFTs as virtual property, seen as a major milestone for protecting digital assets. The country faces a tricky situation: while cryptocurrency ownership is recognized as virtual property and codified by law, trading has been banned since 2021.

NFTs remain popular even as the hype fades. More and more famous people are embracing NFTs. Including Donald Trump.

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