China’s state-backed blockchain network disclosed eight platform partners today in line with the soft launch of its non-fungible token (NFT) platform, the BSN-DDC network.
Fast facts
- The auction house Rong Bao Zhai, Hainan International Culture and Artworks Exchange Center — an essential part of China’s free trade port — and EY Blockchain are among the listed partners.
- The Blockchain-based Service Network (BSN) is a Chinese state-backed project to drive mass adoption of blockchain technology across China.
- NFTs built on this network will be called “Decentralized Digital Certificate” (DDC) to distance itself from NFTs that are traded on public chains using cryptocurrencies outside China.
- As part of the soft launch, the BSN-DDC network has now integrated 10 open permissioned blockchains, including Wuhan Chain powered by Ethereum and Wenchang Chain powered by COSMOS and IRISnet.
- Unlike cryptocurrencies, China has not banned NFTs, but state media has issued multiple warnings against the latter’s speculative nature.
- The BSN-DDC network is expected to officially launch in late March.
