China is poised to introduce its first regulated platform for NFTs on January 1, 2023.

Local news sources report that China’s first regulated NFT platform will officially launch on January 1, 2023. reported The secondary trading market for NFTs has been created in collaboration with state-run entities like the Chinese Technology Exchange and Art Exhibitions China, in addition to the privately-owned Huban Digital Copyrights Ltd. The official launch of this digital asset trading venue will take place in Beijing.

The platform will not only support NFT trading but will also encompass copyright transactions related to digital collectibles, aiming to be heavily regulated to curb speculation in the NFT secondary market. Its licensing is anchored in the China Digital Exchange.

Yu Jianing, a specialist in NFTs and metaverse advancements in China, noted, \"Digital collectibles are a fresh business sector, and the associated regulations and laws will be progressively refined, introducing certain uncertainties along the way.\"

Despite a strict prohibition on cryptocurrency transactions that China imposed in 2021, which categorized such dealings as illegal, the government remains open to the development of the metaverse and NFTs. In fact, the Zhejiang province plans to cultivate a metaverse industry worth over $28.7 billion by 2025. Other major cities, including Shanghai, Hangzhou, and Wuhan, are also strategizing to enhance their roles within the metaverse. announced plans Tencent, the largest internet enterprise in China, encountered challenges in sustaining profitability, causing it to withdraw from operating the most prominent NFT marketplace in the country.

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