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China will launch its first regulated and censored non-fungible token marketplace (NFT),
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A sign of support for technology subject to legal grey areas within its notoriously strict regulations.
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On Jan. 1, a ceremony to celebrate the marketplace launch in Beijing will occur.
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According to China Daily, the platform will be managed by three private and state-owned entities:
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China Technology Exchange, Art Exhibitions China, and Huban Digital. Both are government-backed.
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According to the report, China Cultural Protection Chain is the platform's underlying Blockchain.
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According to Chinese laws, NFTs cannot be bought with cryptocurrency in China.
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They are referred to as digital collectibles.
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Also, digital artwork can be traded on highly-regulated platforms that are closed to the public.
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A Chinese court ruled earlier this month that digital assets have the same property rights as items sold on eCommerce sites.