The Hainan International Art Exchange Center on Wednesday launched an NFT art-trading platform that supports e-CNY payments, according to China News’ report.

According to the staff of the center, the blockchain platform provides services for the purchase and sale of art between art institutions. Institutional traders will be able to tokenize physical artworks as NFTs on the platform and complete transactions.

Fast facts

  • According to reports, the exchange may tokenize some famous traditional Chinese paintings into NFTs and distribute them to individual buyers in the future. However, according to the staff, due to China’s unsupportive attitude towards NFT, the platform is not yet open to individual customers.
  • The Hainan International Art Exchange Center was established in June this year, and is part of the Hainan Free-Trade Port plan.
  • Hainan is an island located in the South China Sea. In 2018, the State Council of China announced its plan to transform the entire island into a free-trade zone, making it a commercial gateway to the Pacific and Indian Oceans.
  • According to the center, it is the only art-trading platform in China that holds a financial license.
  • The center has a self-built blockchain, “Datang Chain,” for trading. The Datang Chain will connect to the government-backed BSN chain, with further links to a broader ecosystem.