StartKryptowährung NewsTo create own nft based statebacked

    To create own nft based statebacked

    to create own nft based statebacked

    China is reportedly planning to launch its own infrastructure to support the deployment of NFTs in an attempt to create an industry not linked to cryptocurrencies.

    A South China Morning Post said state-backed Blockchain Services Network would create the infrastructure “BSN-Distributed Digital Certificate” (BSN-DDC) to differentiate it from crypto-transacted NFTs. Currently, all cryptocurrency transactions are illegal in China. The new infrastructure will offer application programming interfaces for companies and individuals, enabling them to build their own user portals or apps to manage NFTs.

    SCMP said only renminbi is allowed for purchases and service fees on this platform.

    Public chains are not legal in China as the country requires Internet systems to verify user identities and allow regulators to intervene in illegal activities.

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    Making Bids / Making Offers​

    In thirdweb, making offers below the asking price of a listing has different behavior, depending on whether the listing is an auction or a direct listing.


    Bids are made on Auction Listings.

    All works listed on NetEase Planet NFT are encrypted and deployed through the company’s smart contract technology and is stored within the NetEase blockchain.

    The NetEase blockchain is driven by NetEase‘s self-developed engine “Tianxuan 3.0”, which is characterized by high concurrency, stability, flexibility and security, and has passed the appraisal and evaluation of the Forensic Evaluation Center of Electronic Data Evidence State Information Center, an authority in these matters.

    SEE ALSO: China NFT Weekly: Hottest New NFTs

    The NetEase blockchain is jointly maintained by NetEase Eco-Alliance.

    It will differentiate itself from other fantasy games in that it won’t be a draft-style game. Teams will be built from the NFT cards that a particular fan owns.Editor’s Picks

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    “The connections we build with our fans are vital and Sorare understands the importance of that bond,” MLB commissioner Rob Manfred said in a statement.

    The Chief Executive of Red Date Technology, He Yifan, stated that: “NFTs have no legal issues in China as long as they are not connected to cryptocurrencies like Bitcoin that are banned in China.” (Mcgregor, 2022)

    As for now, China blocks all the blockchains like Bitcoin or Ethereum that are used as a public record to track and follow every NFT transaction. The BSN network is in charge of building a new blockchain made of adapted blockchains from Ethereum and 9 others that correspond to the Chinese regulations. On the BSN network, all users will have to verify their identities and to agree to let the government intervene in case of any illegal actions noticed.

    So? How will they buy NFTs? In what currency?

    Well… With digital Chinese yuan! Remember? Cryptocurrencies are banned.

    China’s state-backed Blockchain Services Network (BSN) plans to roll out infrastructure at the end of this month to support the deployment of non-fungible tokens (NFTs), a major step to creating a Chinese NFT industry that is not linked to cryptocurrencies.

    Although Beijing has banned cryptocurrencies, He Yifan, chief executive of Red Date Technology, which provides technical support to BSN, told the South China Morning Post that NFTs “have no legal issue in China” as long as they distance themselves from cryptocurrencies like bitcoin.

    The infrastructure, named the BSN-Distributed Digital Certificate (BSN-DDC), to differentiate it from crypto-transacted NFTs, will offer application programming interfaces for businesses or individuals so they can build their own user portals or apps to manage NFTs.

    Its Lingxi platform and an initial batch of NFTs inspired by’s mascot Joy were launched with at least 2,000 pieces of each of its five mascots being sold out.

    NFTs are popular in the world in recent months. Recently, according to NFT online marketplace OpenSea, the NFT projects of Taiwanese singer Jay Chou and Hong Kong actor Edison Chen are popular on the platform, with Chou’s NFT even topping the list.

    Chou-backed fashion brand PHANTACi launched PhantaBear, a total of 10,000 NFTs on 1 January. At the time of writing, PhantaBear is the top project on OpenSea by sales volume in the past 24 hours. On 11 January, it was trading at an average price of 5.88 Ethereum (US$18,399) when its average price was still below 1 Ethereum on 1 January.

    The report said to address this issue, Red Date Technology, which provides technical support to Blockchain Services Network, offers the open permissioned chain and it could be governed. Since its inception in China, it has localised more than 20 public chains already.

    Red Date Technology’s chief executive said He Yifan that BSN-DDC will integrate 10 chains including the adapted version of Ethereum, in addition to Fisco Bcos initiated byWeBank, a Tencent-backed fintech.

    Although public chains are not legal in China, NFTs, other the other hand, are legal. Chinese tech firms such as Alibaba and Tencent launched “digital collectibles” last year to embrace the trend of NFTs, but using the name “digital collectibles” for compliance reasons. Last month, also has launched a blockchain-backed platform to sell digital collectibles similar to NFTs too.

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    Sports leagues and teams worldwide are working to attract younger people, improve engagement among fans and searching for ways to interact with and reach new audiences.

    Major League Baseball is no different, and Thursday, the league announced a partnership with Sorare, an NFT gaming company, to launch an NFT-based fantasy-style game this summer.

    Sorare will become the official NFT baseball game partner of MLB and will provide fans with a platform to play fantasy games while purchasing, selling and collecting NFTs of MLB players.

    For a while, the Chinese NFT industry was operating in a “legal grey zone”. A few months ago, Alibaba, the Chinese giant of e-commerce, launched a collection of 16’000 NFTs that were sold within minutes. The “legal grey zone” comes from the fact that a clear distinction can be made between NFTs and cryptocurrencies. Even if NFTs can for now only be purchased with cryptocurrencies, an NFT is not interchangeable or divisible, which makes it different than cryptocurrencies such as Bitcoin or Ethereum for example.

    To avoid consequences, certain companies that decided to launch their collection renamed NFTs as “digital collectibles”.

    In the West of the country, NFTs have always been linked to cryptocurrencies, and many platforms and NFTs projects are backed-up by cryptocurrency funds.

    Find more: To own nft based statebacked blockchain – Krypto-NFTs

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