As per the report, China’s state-back BSN (Backed Blockchain Services Network) is all set to launch the new infrastructure for kickstarting the Chinese NFT and support the non-fungible tokens that are still not linked with the cryptocurrencies of South China Morning.
The announcement of launching the new infrastructure shows the interest of Beijing in the NFT surge and tries to balance against the ban on the transactions of Crypto in 2021. The digital infrastructure of the State-run will completely differentiate between the NFTs and cryptocurrencies so that it will remain legal in the future.
However, there are still some tech companies such as Baidu, J.D.com, and Tencent Holdings also opted for the new infrastructure to call the NFTs virtual collectibles, reported by UptoBrain.The new infrastructure and technology, known as BSN-DDC BSN-Distributed Digital Certificate, will allow the users to handle their NFTs with all the services feed and purchases that need to be transacted with Chinese currency Yuan.
A blockchain is a decentralized infrastructure for open market financial transactions. On the other hand, public chains are banned in China, according to HE Yifan, CEO of BSN’s technological support supplier Red Date Technology, who spoke to the South China Morning Post.
He went on to say that the state needs all internet networks to allow authorities to intervene in the event of “illegal actions.”
The open public blockchain chain, or a variant of a blockchain that a single company manages, is China’s alternative to this. China’s BSN is sponsored by China Mobile, State Information and Center China UnionPay, all state-owned companies. The BSN-DDC will incorporate ten blockchains, including tweaked Ethereum and Corda versions.
However, many more big players continue to enter the digital asset spaces, and many high-profile names also do the same. In the previous years, 2021, the NFTs continued to boom and reached the height of $41billion market, and the same is expected into the future.