BSN Introduced New NFT Infrastructure Platform In China

The BSN introduced new NFT infrastructure platform in China which uses open permissioned chains to comply with the Chinese regulations which discourage public blockchains so let’s read more in our latest blockchain news today.

The BSN introduced new NFT infrastructure in China. The BSN distributed digital certificate network is a structure for creating an NFT that is compliant with Chinese regulations as the organization said in a press release. The authorities in China discouraged public networks like Ethereum which are commonly used in the NFT ecosystem. The BSN is marking 10 Open Permissioned Blockchain available on the BSN-DDC and these are localized versions of the permissionless counterparts which set restrictions that can take part in network governance that use fiat currency for payments. DDCs are the same as NFTs but are renamed to outline their uses for certification. Five of these chains were named Wenchang Chain, Ethereum-based Wuhan Chain, Cosmos-based IRISet, Corda-based Zunyi Chian, and EOS-based Zhonguy Chian as well as FISCO BCOS-based Tai-an chain.

Some platform partners were announced as well. Teh state-owned museum and auction house Rong Bao Zhai Auction whcih state-based Hainan International Culture and Artworks Exchange Center that acquired the first license for the NFT marketplace in China consulting company EY’s blockchain division video tech provider subdivision, electronic provider Baiwang, and Digital ARt Fair Asia. Another 26 founding partners as well as a roadmap and governance structure will be announced in the launch in Nanjing. The BSN-DDC is based on the Blockchain Services Network which is a platform where developers can build and deploy decentralized applications at a lower cost.

As recently reported, China’s BSN wants to launch a state-backed NFT platform and it is preparing the infrastructure for digital collectibles. The network will be incompatible with external NFTs and will not accept crypto payments. China came out against crypto time and again over the years ramping up the efforts when it cracked down on Bitcoin mining. The new report from the country suggests that china will debut its own-state backed platform for launching the tokenized digital collectibles but it will be crypto-less.

The South China Morning Post reported that the state-backed Blockchain Services Network is preparing a permissioned and non-public blockchain infrastructure that will enable the release of the NFT-style collectibles by being monitored by the governemnt.