China introduces state-backed NFT platform unlinked to cryptocurrencies

  • The Blockchain Services Network has started testing its NFT minting and management system
  • The infrastructure is based on adapted blockchains that are not tied to cryptocurrencies

China’s state-backed Blockchain Services Network has kicked off a soft launch of an infrastructure to support the deployment of non-fungible tokens. Photo: Shutterstock

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.

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