CasperLabs, a smart contracts protocol, is set to power part of China’s state-backed non-fungible token (NFT) network, to support the legal issuance of NFTs in mainland China.
See related article: BSN to integrate Neo’s chain to bolster NFT issuance in China
Fast facts
- The Blockchain-based Service Network (BSN) will add Casper Network-powered Fuzhou Chain to its BSN Digital Certificate Network (DDC).
- The BSN DDC network is an infrastructure that allows NFT issuance in China without any cryptocurrency transactions involved.
- The Fuzhou Chain will run as one of the 10 BSN open permissioned blockchains.
- The addition will also help government entities in Fuzhou, the capital city of China’s southeastern Fujian province, with access to a blockchain network to facilitate supply chain, patents and event management sectors.
- Unlike cryptocurrencies, China has not banned NFTs.
- While some state-owned media outlets have issued numerous warnings against the speculative nature of NFTs, some have issued their own digital collectibles.
See related article: CasperLabs wants to help “morph” China’s BSN into the AWS of blockchain