China’s Shandong TV to build NFT marketplace
The television station in China’s Shandong province plans to build a “digital collectibles” trading platform and issue its own non-fungible tokens (NFTs), becoming the latest state-run media outlet to join the trend.
See related article: WeChat bans NFT accounts, citing ‘crypto speculation’
Fast facts
- Shandong Television has started developing its own blockchain to run its NFT marketplace.
- NFTs are commonly referred to as digital collectibles following Chinese state media’s denouncement of the market frenzy over NFTs.
- China has yet to set clear regulations on the trading of NFTs.
- But a Chinese central bank official, and state media outlets have issued warnings against trading in NFTs and money laundering.
- The broadcaster did not clarify how much freedom NFT traders will have on the marketplace.
- The party-run People’s Daily launched its first digital collectibles series at its own NFT gallery in February .
See related article: China state-backed paper’s NFTs surge in price on second-hand market