Selling NFT requires identity verification

At a forum in Beijing last week, several Chinese tech firms struck a deal requiring identity verification for NFT trading. Names such as Tencent, Alibaba and Baidu came together on this forum.

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

Last week in Chinaseveral tech giants have signed an agreement to trade non-replaceable tokens (NFT† For example, leaders such as Alibaba, Tencent or Baidu will subject the sale of NFTs to: identity verification

This agreement was concluded within the framework of the “Chinese Forum on High-Quality Digital Cultural and Creative Development” in Beijing. In front of repeat the terms usedthere is no NFT in China, but of “digital collectibles”.

👉 To continue – Find our guide to buying your first cryptocurrencies

Order our book

published by editions larousse

toaster icon

Encouraging self-discipline in the industry

The agreement reached by the various companies is described as “an initiative to develop the self-discipline of the digital collection industry”. Thus, the identity check is part of the country’s restrictions on the use of cryptocurrencies. The goal here is to do not encourage financial speculation

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

“Operation of a commercial platform […] based on blockchain technology and community, provides a new opportunity for art culture development. It offers more […] of possibilities so that every artist can become a creator, owner and seller of digital collections. †

The idea of ​​these measures is to focus only on technological innovations provided by NFTs. For example, this is due to the question of: intellectual property

This use of the blockchain for purely technological purposes therefore meets the ambitions of the government, as was the case, for example, with the pilots started earlier this year. It is therefore still unlikely that Alibaba will attempt to compete with OpenSea on the various successful collections.

👉 Also in the news – NFT volumes hit annual lows

Source: China Cultural Industry Association

cryptoast logo


10% discount on your costs with code SVULQ98B

toaster icon


Get a crypto news feed every Sunday 👌 And that’s it.

What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused by the use of any good or service mentioned in this article. Investments related to crypto assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article is not investment advice.

Leave a Comment