• Government-backed NFT art marketplace launched at China’s new duty-free port

  • The Hainan International Art Exchange has launched an NFT art trading platform that supports electronic RMB payments.

    According to the center’s staff, the blockchain platform provides services for buying and selling artwork between art institutions. Institutional traders will be able to tokenize physical artworks into NFTs and complete transactions on the platform.

    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 staff, the platform is not yet open to individual customers due to China’s unsupportive attitude towards NFTs.

    The Hainan International Art Trade Center was established in June this year as part of Hainan’s free trade port plan.

    Hainan is an island located in the South China Sea.In 2018, China’s State Council announced plans to turn 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 with a financial license.

    The center has a self-built blockchain, the “Datang Chain,” for trading. The Datang Chain will be connected to the government-backed BSN chain and further linked to the broader ecosystem.

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