Sale of NFT requires identity verification

At a forum in Beijing last week, several of China’s flagship technology companies entered into an agreement requiring identity verification for NFT trade. This forum gathered names like Tencent, Alibaba and Baidu.

In China, identity verification is required for the sale of NFTs

Last week in Chinaseveral technology giants have agreed to trade in non-fungible tokens (NFT). Thus, leaders like Alibaba, Tencent or Baidu will e.g. expose the sale of NFTs identity verification.

This agreement was concluded in the framework of the “Chinese Forum on High-Quality Digital Cultural and Creative Development” in Beijing. To repeat the terms usedit is not about NFT in China, but about “digital collectibles”.

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Encourage industry to self-discipline

The agreement between the various companies is described as “an initiative to develop self-discipline in the digital collection industry”. Thus, identity verification is part of the country’s restrictions on the use of cryptocurrencies. The goal here is to does not call for financial speculation.

On the other hand, China recognizes The interests of NFTs in the artistic field. As Yu Cike, director general of the China Copyright Association, points out, blockchain offers new opportunities for artists:

“The operation of a commercial platform […] based on blockchain technology and community, provides a new opportunity for the development of art culture. It gives more […] of opportunities so that each artist can become the creator, owner and seller of digital collections. »

The idea of ​​these measures is to focus only on technological innovations provided by NFTs. This goes through the question of, for example intellectual property.

This use of blockchain for purely technological purposes thus fulfills the government’s ambitions, as was the case, for example, for the pilot projects launched earlier this year. It is therefore still unlikely that Alibaba will try compete with OpenSea on the various successful collections.

👉 Also in the news – NFT volume hit annual low

Source: China Cultural Industry Association

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