First national "digital assets" marketplace by China

Key points: 

• China is launching its first state-backed marketplace for NFTs. 
• The platform is operated by three state-owned and private companies, including China Technology Exchange and China Art Exhibition, both of which are backed by the government, and a private company Huban Digital China Daily.
• The marketplace, whose name translates to "China Digital Asset Trading Platform," is also used to trade digital copyrights, property rights, and collectibles.
• The platform’s underlying blockchain is reportedly called the "Chinese Cultural Protection Chain."
• Earlier this month, a Chinese court ruled that digital assets have similar property rights to goods sold on e-commerce sites, seen as a major milestone for digital asset protection.

China is launching its first state-backed marketplace for non-fungible tokens (NFTs), the latest sign of acceptance for a technology that occupies a legal gray area in the country's notoriously strict cryptocurrency regulations.

A ceremony to celebrate the market's launch will be held in Beijing on Sunday.

According to a report by China's state-owned media company, the platform is operated by three state-owned and private companies, including China Technology Exchange and China Art Exhibition, both of which are backed by the government, and a private company Huban Digital China Daily.

The marketplace, whose name translates to "China Digital Asset Trading Platform," is also used to trade digital copyrights, property rights, and collectibles.

The platform’s underlying blockchain is reportedly called the "Chinese Cultural Protection Chain."

Over the past two years, NFTs have become very popular among Chinese traders, but not from the rest of the world. According to national laws, NFT cannot be purchased with cryptocurrencies in China. It is not called NFT, but a digital collectible.

Unlike open platforms, digital artwork is also traded on closed, heavily regulated platforms. Earlier this month, a Chinese court ruled that digital assets have similar property rights to goods sold on e-commerce sites, seen as a major milestone for digital asset protection.