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China’s tech giants promise speculation-free NFTs

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TechCrunch

Fri, Jul 01, 2022

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The China Cultural Industry Association, along with Tencent, Ant Group, Baidu, and others, jointly issued a “self-disciplined development proposal” for the “digital collectible industry,” a rebranded term for NFT in China to do away with the technology’s financial aspects.

China’s NFT industry may be a step closer to regulation with the country’s largest platform operators taking a stance.

Digital collectible platforms, according to the proposal issued by Tencent, Ant Group, and others, should hold relevant regulatory permits, ensure the security of underlying blockchain technologies, enforce user real-identity checks, step up intellectual property protection, resolutely ban financial speculations, and promote rational consumption among users.

One company decided to take its ambition beyond China to explore the full scope of NFTs. In April, Bilibili, China’s top user-generated video streaming site, commissioned a Singapore-based company to launch an Ethereum-based NFT collection inspired by the site’s brand assets

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