China releases its own NFT platform

The BSN-Distributed Digital Certificate (BSN-DDC) network is a structure for building NFTs that is compliant with Chinese regulations. Authorities in China discourage public networks like Ethereum that are commonly used in the NFT ecosystem. The BSN-DDC is based on the Blockchain Services Network, a platform where developers can build and deploy decentralized applications at a low cost.

Instead, BSN is making 10 Open Permissioned Blockchains available on the BSN-DDC. These are localized versions of their permissionless counterparts that set restrictions on who can participate in network governance and use fiat currency for payment. DDCs are the same as NFTs but renamed to emphasize their uses for certification.

Some platform partners were also announced: The state-owned museum and auction house Rong Bao Zhai Auction, state-backed Hainan International Culture and Artworks Exchange Center – which has acquired the first license for an NFT marketplace in China, consulting firm EY's blockchain division, video technology provider Sumavison, electronic invoice provider Baiwang and Digital Art Fair Asia, an NFT-focused company from Hong Kong.