BSN Launches NFT Platform That Complies with China’s Regulation

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BSN Launches NFT Platform That Complies with China's Regulation
BSN Launches NFT Platform That Complies with China's Regulation

China’s state-sanctioned blockchain infrastructure project Blockchain-based Service Network (BSN) announced that it will launch its non-fungible token (NFT) platform in China today.

BSN Launches NFT Platform

According to a press release on January 25, the BSN Distributed Digital Certificate (BSN-DDC) network is a structure used to build NFTs that comply with Chinese regulations. Chinese authorities advise against public networks like Ethereum, which are commonly used in the NFT ecosystem.

CoinDesk reported in October 2021 that BSN is offering 10 Open Permissioned Blockchains on BSN-DDC. These are localized versions of unlicensed versions that limit who can participate in network management and pay with fiat currencies. DDC is the same as NFT but renamed to emphasize its use for authentication.

Five of the 10 chains are named: Ethereum-based Wuhan chain, Cosmos-based IRISnet-powered Wenchang chain, Corda-based Zunyi chain, EOS-based Zhongyi chain, and FISCO BCOS-based Taian chain.

A number of platform partners were also announced: the state-run museum and auction house Rongbaozhai Auctions, the state-backed Hainan International Cultural and Artwork Trading Center – which has been licensed for China’s first NFT marketplace, the blockchain arm of consulting firm Ernst & Young, video technology provider Sumavison, e-invoicing provider Baiwang and NFT-focused Hong Kong company Digital Art Fair Asia.

Another 26 founding partners will be announced at a launch ceremony in Nanjing in March, along with the roadmap and governance structure.

BSN-DDC is built on the Blockchain Service Network, a platform that allows developers to cost-effectively build and deploy decentralized applications.