China wants to enter the NFT space

China wants to enter the NFT space - but without crypto

Since the crypto ban in China, the country has been looking for its own blockchain solutions. In addition to the E-Yuan, the Middle Kingdom now also wants to use NFT for itself, but without being dependent on the crypto space.

The Chinese government-backed Blockchain Services Network (BSN) plans to launch its own NFT infrastructure later this month. The South China Morning Post reports .

With this, China wants to build its own NFT industry that is not dependent on cryptocurrencies.

The BSN-Distributed Digital Certificate (BSN-DDC) is intended to offer API connections for companies and private individuals, with which their own applications for storing the NFTs can be created.

Only the Chinese yuan is accepted as a means of payment. This is used to pay for purchases and service fees.

He Yifan, CEO of Red Date Technology , a company that supports the BSN with the technical implementation, predicted in an interview "an annual output of China NFTs in the billions".

He gave further insights into the design of the BSN-DDC. Initially, ten adapted versions of popular blockchain networks such as Ethereum or Corda are to be implemented in the infrastructure.

In addition, creating a BSN DDC should be significantly cheaper than mining a conventional NFT (0.05 yuan, about 0.7 US cents).

In total, over 20 partners are working on the project, including the Cosmos Blockchain Network .

China is at war with the crypto space. After a gradual ban on mining activities, the People's Bank of China dealt the final deathblow to digital assets by imposing a ban on crypto transactions.

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