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- The cultural and tourism authority in a Southwest China province, Sichuan, has built its NFT or non-fungible token trading platform in an effort to encourage the music industry to embrace emerging technology.
- It is also interesting to note that after state media condemned the market frenzy, most Chinese companies started referring to NFTs as “digital collectibles.”
- On the other hand, various Chinese state media are also building their “digital collectibles” platform. Shandong’s television state also revealed its plan to build an NFT platform last week.
A landlocked province in Southwest China, Sichuan’s cultural and tourism authority created an NFT or non-fungible token trading platform for encouraging the music industry to embrace modern technology.
On Thursday, the Sichuan government revealed that several music companies are utilizing blockchain technology as a means to protect their copyright.
Sichuan has fostered modern Chinese music in recent times.
Interestingly, some Chinese firms refer to NFTs as “digital collectibles” after the state media’s condemnation of the market frenzy.
Nonetheless, in the statement published on Thursday, the Sichuan authority didn’t hesitate to use the term “NFT.”
It is also revealed that the NFT platform project is given to a local blockchain company.
Shandong’s TV Announces The Launch Of Its “digital collectibles” Platform.
In the meantime, certain Chinese state media are also developing their own NFT platforms. Last week, the television station of Shandong province, which is run by the state, also disclosed its plan to create a “digital collectibles” trading platform.
The Economic Daily, a mouthpiece of the Chinese Communist Party, called for stricter regulation of “digital collectibles” last week. The television station will also be issuing its non-fungible token.
Meanwhile, China has yet to devise straightforward regulations on NFT trading.
However, a central bank official in China and certain state media outlets have warned against trading in NFTs and money laundering.
But, the broadcaster did not provide clarity regarding the freedom NFT traders will be given on the marketplace.
In February, People’s Daily, which is run by Party at its own NFT gallery, released its first digital collectibles series.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
