12.4 C
London
Monday, September 26, 2022

Chinese tech giants promise speculation-free NFTs – londonbusinessblog.com

Must read

Samsung’s third-quarter earnings outlook bleak on poor global chip demand

The earnings outlook for the third quarter for Samsung Electronics and SK hynix, the world's two largest chip makers, remain largely grim due to...

Storm watches issued for Florida as Ian continues to intensify

Tropical storm and storm surge warnings were issued late Sunday for part of the Florida coast as a possible Hurricane Ian was headed for...

India repurposes its COVID-19 contact tracing app and vaccination website • londonbusinessblog.com

India is repurposing its COVID-19 contact tracing app and vaccination website to address other health concerns in the South Asian country. A senior official said...

Everything wrong with how Optus announced its massive data breach

Optus fears data of up to 9.8 million of its customers in a advanced cyber attack – including, for some customers, passport and driver's...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

The future of non-fungible tokens is gaining clarity in China as the country’s tech giants come together to set standards for the emerging industry.

The China Cultural Industry Association, together with Tencent, Ant Group, Baidu and others, jointly issued a ‘self-disciplined development proposal’ for the ‘digital collectibles’, a new name for NFT in China to take away the financial aspects of the technology.

While industry associations do not have regulatory authority, they can be instrumental in developing standards and best practices within an industry. The China Cultural Industry Association was established with the approval of the State Council and counts Alibaba and Tencent among its members, according to information about its website

China’s NFT enthusiasts are watching regulation from the top. After China banned cryptocurrency trading, speculation was that NFTs in their purest form — traded freely and anonymously with cryptocurrencies on global, public blockchains — would not be allowed in the country.

That seems to be the case. In April, Chinese financial associations proposed that NFTs should not be used for securitization or transactions in cryptocurrencies.

China’s NFT industry could be one step closer to regulation, with the country’s largest platform operators taking a stance. Digital collection platforms must, under the proposal of Tencent, Ant Group and others, have relevant legal permits, ensure the security of underlying blockchain technologies, enforce users’ genuine identity checks, step up protection of intellectual property, firmly prohibit financial speculation, and promote rational consumption among users.

Tech companies in China tested the waters before NFT regulations came into effect. Giants from Tencent, Ant Group to Baidu have all launched their digital collectible marketplaces built on private, consortium chains. Users can only make purchases with the Chinese fiat currency RMB, and secondary trading has been widely banned to avoid price inflation.

One company decided to take its ambition beyond China to explore the full scope of NFTs. In April, Bilibili, China’s largest user-generated video streaming site, commissioned a Singapore-based company to: launch an Ethereum-based NFT collection inspired by the site’s brand assets.


More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Samsung’s third-quarter earnings outlook bleak on poor global chip demand

The earnings outlook for the third quarter for Samsung Electronics and SK hynix, the world's two largest chip makers, remain largely grim due to...

Storm watches issued for Florida as Ian continues to intensify

Tropical storm and storm surge warnings were issued late Sunday for part of the Florida coast as a possible Hurricane Ian was headed for...

India repurposes its COVID-19 contact tracing app and vaccination website • londonbusinessblog.com

India is repurposing its COVID-19 contact tracing app and vaccination website to address other health concerns in the South Asian country. A senior official said...

Everything wrong with how Optus announced its massive data breach

Optus fears data of up to 9.8 million of its customers in a advanced cyber attack – including, for some customers, passport and driver's...

Amazon’s Prime Early Access Sale takes place October 11-12

The rumors were true: Amazon is holding a second Prime-exclusive sale event starting on Tuesday, October 11 at 3AM ET / 12AM PT and...