China’s Blockchain Services Network to Implement NFT Infrastructure This Month

China’s Blockchain Services Network (BSN) is planning to implement the necessary infrastructure this month that would see the creation of a domestic non-fungible token (NFT) industry, one that doesn’t involve cryptocurrency.

According to a report by The South China Morning Post on Wednesday, the state-backed network’s infrastructure will enable application programming interfaces for businesses and individuals to build their own apps and portals to manage the tokens.

Non-fungible tokens are unique digital assets used to represent ownership over virtual and real-world assets.

He Yifan, chief executive of Red Date Technology, one of the four co-founding companies of the BSN, told SCMP NFTs will see future annual outpoint ranging in the “billions.”

Dubbed the BSN-Distributed Digital Certificate, to distance from crypto-centric NFTs, the infrastructure will launch via a permissioned network as opposed to public chains which are “illegal in China,” said He.

The only currency allowed for purchases and service fees on the network is the yuan. So far, the infrastructure has attracted more than 20 partners since the Blockchain Services Network was first launched in 2020, including one adapting the Cosmos blockchain system and digital e-invoicing SAAS provider Baiwang, per the report.

China’s history with cryptos such as bitcoin and ether, which are banned throughout the country, is long and complicated. The nation was once a major hub for crypto traders and miners but has since switched stance believing cryptos are a threat to financial stability and their national economy.

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