•China is set to launch a state-backed digital collectibles marketplace on January 1, 2023.
• The marketplace will be compliant on a national level and run by the government-backed China Technology Exchange and China Cultural Relics Exchange Center, as well as the Huaban Digital Copyright Service Center.
• The new platform will run on an underlying blockchain dubbed “China Cultural Protection Chain” and will facilitate the trading of digital collections, digital copyrights, and property rights.
The Chinese government has announced plans to launch a new state-backed digital collectibles marketplace, as well as a blockchain-powered platform that will be compliant with national regulations. This new platform is designed to facilitate the trading of digital collections, digital copyrights, and property rights. Let’s take a closer look at this development and examine how it will benefit businesses, consumers, and the country overall.
What Will the Platform Facilitate?
The platform will enable users to purchase and trade digital assets such as artworks, music recordings, films and videos, books and magazines. It will also allow users to trade property rights such as trademarks and copyrights. All of these assets can be exchanged using cryptocurrency or fiat currency. The government is also planning to introduce blockchain technology into the platform in order to improve security and reduce fraud.
What Blockchain Will It Run On?
The digital collectibles marketplace will run on a decentralized public blockchain known as “Unity Chain” which was developed by China’s National Internet Information Office (NIIO). This blockchain is expected to provide better security for transactions on the platform as well as increased transparency for users.
How Will Users Access the Marketplace?
Users will be able to access the marketplace through an app that has been developed specifically for the purpose of trading digital assets. Once users have signed up for an account they can use their smartphones or tablets to browse through items offered on the marketplace, purchase them using either fiat currency or cryptocurrency, and manage their transactions securely from anywhere in the world.
How Will Businesses Benefit From This Platform?
For businesses, having access to an online marketplace that allows them to purchase and sell digital assets securely is invaluable. Not only does it give them more control over their intellectual property rights but it also provides them with a way to monetize their products without having to rely on third-party platforms such as iTunes or Amazon. Additionally, businesses can use this platform to build brand recognition by creating unique collections that customers can buy directly from them instead of through third-party sources.
How Will Consumers Benefit From This Platform?
Consumers will benefit from having access to a wide variety of digital products that are all easily accessible through one centralized location. They can choose from thousands of different items from different artists or brands without having to worry about purchasing something counterfeit or illegally obtained since all purchases are tracked on Unity Chain’s secure blockchain ledger. Additionally, consumers can take advantage of discounts offered by businesses in order to save money when buying their favorite products online.
How Will This Platform Help China Culturally Protect Its Digital Assets?
By launching this state-backed platform China is taking steps toward protecting its citizens’ intellectual property rights both domestically and abroad. Furthermore, foreign entities who do business with Chinese companies can rest assured knowing that any transaction conducted on this platform is fully compliant with Chinese laws and regulations which helps promote trust between business partners across borders.
In summary, China’s upcoming state-backed digital collectibles marketplace offers many benefits for businesses, consumers, and even foreign entities who do business with Chinese companies due to its support from national regulations alongside its secure blockchain ledger system known as the “Unity Chain.” With features like these in place, it looks like this new venture might just prove successful in providing people with a safe way of trading digital collections online while protecting intellectual property rights both domestically and abroad!
