# China’s new NFT marketplace should have been called ChinaSea.

**Published by:** [Durwin](https://paragraph.com/@durwin/)
**Published on:** 2023-02-09
**URL:** https://paragraph.com/@durwin/china-s-new-nft-marketplace-should-have-been-called-chinasea

## Content

Ahead of the curve: Even the great nation of China has an official state-backed NFT marketplace!Is China finally embracing crypto? Are they finally giving in to the inevitable? Are they trying to catch a wave that has passed? China recently launched its first state-backed NFT marketplace. “The marketplace, whose name translates to “China Digital Asset Trading Platform,” will also be used to trade digital copyrights and property rights along with collectibles.” What a missed opportunity. They should have called it something fiery and cool. Like “Flaming Dragon” or “Undying Phoenix”. Or ChinaSea (OpenSea) or The Great Wall of NFT. SilkRoad is taken so… Thing is, this isn’t the first NFT marketplace made in China. There are tons of them, albeit unknown and underground. There’s JingTan, Huanghe, Lingxi, TheOne.art and so many others.China’s appetite for NFTs is just the appetizer of bigger things to come.Demand for NFTs is incredible, given just how many tech-savvy, mobile-friendly, crypto-hungry people there are in China. See people in China technically aren’t supposed to be dabbling in crypto, mining and NFTs, not since the CCP outlawed it. The Chinese Government made the headlines when they banned Bitcoin. Then they banned Bitcoin Mining, actually all kinds of mining in general. Then they introduced their own centralised digital currency, the eYuan. Which is really the Centralised Bank Digital Currency (CBDC). Yep, the most populous country in the world has a fully functional digital currency that is live and working. The central banks issue it and they can use it via their superapps like Wechat. Nearly 300M people has already used it.The eYuan is has more than 300M users, making it easily one of the most widely adopted and actively used digital currency in history.In case it doesn’t sound impressive, that is nearly the entire population of the United States of America. So yea when China does things, they really do it in scale. Their size, is really SIZE. “One of the drivers is that China recognizes that digital assets will be important for the development of the metaverse, whether for avatars, clothing, art or museum pieces. In addition to the innovation working group, there is a metaverse working group that includes local governments and state-owned enterprises.” See, they are thinking way ahead and planning for a web3 future already! Oh and the NFTs? Well they don’t call it NFTs, they call it digital collectibles. Like how Reddit does it.Reddit introduced its own version of NFTs called “Digital Collectible” and it was lit. More than 5M avatars have been minted thus far.But yea, call it what you want, it is essentially an NFT. Anyhow, it will be huge for the Chinese. Who can now officially trade NFTs legally in their country. The demand for crypto in China is unbelievable. An entire nation prospering, getting increasingly educated and connected to the internet. They are hungry for crypto, defi, NFTs and new freedoms that only web3 can proffer. Thing is, I think the Chinese Government knows this. And they are smart enough to ban BTC, introduce their own CBDC, then now an official state-backed NFT marketplace.What’s next? Their own NFT collections, their own crypto exchange and even crypto banks? All I know is that China doesn’t do things lightly. What decisions they make, they make for 1.4 billion souls. They have an unimaginable weight and burden of 1.4 billion people who will live and die by their policies and moves. So it is indeed interesting to see China take such a bold step towards embracing web3. - Is China officially embracing web3? - #startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #sifu #sifutoken #quadrigacx #NFT #profits #meme #tvl #defi

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