China’s state-backed Blockchain Services Network (BSN) on Tuesday announced a soft launch of a nationwide infrastructure to support Chinese non-fungible tokens (NFTs), marking a key step towards creating a domestic industry that is separated from the global market and not associated with any cryptocurrencies.
BSN said the infrastructure, known as BSN-Distributed Digital Certificates (BSN-DDC), would offer “a diverse, transparent, credible and reliable” one-stop-shop for businesses to mint and manage their own NFTs without relying on cryptocurrencies, which are banned in China. Most NFTs around the world are part of the ethereum blockchain.