Jul 8, 2022 at 06:12Chinese tech giants, including such companies as Tencent, Ant Group, and Baidu, have decided to unite to fight speculation on NFTs marketplaces. Together, they intend to set new standards for a rapidly developing industry and eliminate the financial problems of the technology.
The China Cultural Industry Association released a commitment to introduce new guidance proposals to clarify the NFT sector on June 30.
Although the commitment is not legally binding, it recognizes the country’s existing crypto-sector rules governing blockchain-based products. Industry participants also pledged not to create secondary markets to combat speculation.
The document also states that the platform (marketplace) must:
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- be qualified under the law;
- ensure blockchain technology is secure and manageable;
- follow a system of real names;
- strengthen intellectual property protection capabilities.
It is worth mentioning that the suggestion was prepared by the industry association and other market operators, but it does not reflect the government’s official position. According to current Chinese laws, digital collectibles in the country are considered a different market from the global NFT market and are highly illiquid.
In the long term, according to the secretary of the China Cultural Industry Association Jin Peng, the agreement could help the NFT industry contribute more meaningfully to the development of the real economy in China. Also, it would aid the use of digital collectibles to promote China’s “excellent artistic culture.”
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