State-run NFT Blockchain that is Different From Cryptocurrencies is to be Launched by China

State-run NFT Blockchain that is Different From Cryptocurrencies is to be Launched by China

XINHUA is the Chinese English news company which publishes headlines photos videos and news stories from china

China’s official Xinhua news agency will issue the first non-fungible token collectibles. In an official notice, Xinhua said that they plan to publish 10000 copies of 11 photos taken by journalists in 2021. This photojournalism will consist of many precious historical moments of 2021, including the Chinese communist party centenary celebration and the milestone of covering 2.7 billion vaccine doses. 

BSN, a blockchain service network of China, is set to launch a new infrastructure to support non-fungible tokens, and this NFT market is different from cryptocurrencies. 

Beijing’s interest in the NFT surged while balancing the 2021 ban on cryptocurrency. 

Also read The Major Changes in Bitcoin, NFTs, and more are in the Top Cryptocurrency Headlines

Differentiation between cryptocurrencies and NFTs can be seen as the state-backed digital infrastructure. JD.com, Baidu are some tech companies who have opted to call their NFTs “digital collectibles “.

Distributed Digital Certificate OR DDC is the new technology that will lead its users to manage their NFTs; all the purchases and service fees will be transacted with the Chinese yuan.

A decentralized platform for open market transactions and information is typically called a blockchain. 

“In China, public chains are illegal. The state requires all online systems to permit regulators to intervene in case of illegal activities “, the CEO of BSNs technology said to south China morning post. 

China’s substitute is the open permission chain or a version of a blockchain governed by a specific entity. 

China’s BSN is backed by the state, owned by China mobile china union pay and state information center. 

Also Read: Web2 may Lose as NFT Attracts Social Media Users Towards Web3

The BSN-DDC will mix 10 blockchains, including a modified version of Ethereum and Corda. The more high-profile name will continue to add to the digital asset space. NFTs raised $41 billion in markets which are approximate to the size of the global fine art market in 2021

No comments yet! You be the first to comment.

Your email address will not be published.

WANT MORE NEWS LIKE THIS?

Sign up to receive our weekly email newsletter and never miss an update!