{"id":16126,"date":"2023-01-05T23:34:53","date_gmt":"2023-01-05T23:34:53","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/asia-express-chinas-nft-market-moutai-metaverse-popular-but-buggy-cointelegraph-magazine\/"},"modified":"2023-01-05T23:34:59","modified_gmt":"2023-01-05T23:34:59","slug":"asia-express-chinas-nft-market-moutai-metaverse-popular-but-buggy-cointelegraph-magazine","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/asia-express-chinas-nft-market-moutai-metaverse-popular-but-buggy-cointelegraph-magazine\/","title":{"rendered":"Asia Express: China\u2019s NFT market, Moutai metaverse popular but buggy\u2026 \u2013 Cointelegraph Magazine"},"content":{"rendered":"
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In a joint effort between the state-owned Chinese Technology Exchange, the state-owned Art Exhibitions China and the corporation Huban Digital Copyrights Ltd, China\u2019s first national NFT marketplace is scheduled to come online this week.<\/p>\n

It\u2019s designed as a secondary market for trading digital collectibles, along with copyrights for digital assets. Perhaps unsurprisingly, it\u2019s built on China\u2019s national Wenbao, or \u201ccultural protection\u201d blockchain, which helps verify the authenticity of artifacts and commercial goods. Currently, only the NFT platform\u2019s landing page is accessible.<\/p>\n

1400 blockchain firms in China<\/h2>\n

On Dec. 29, the state-owned China Academy for Information and Communications Technology, or CAICT, disclosed in its national white paper that over 1,400 blockchain firms are operating in the country despite strict regulations. Together, Chinese and U.S. blockchain firms account for 52% of such entities globally. In one example of distributed ledger applications in public service, CAICT researchers wrote:<\/p>\n

\u201c[In the] Zhejiang Provincial blockchain electronic invoice platform, [authorities] used blockchain\u2019s multiple access point and decentralized process capabilities, along with technological highlights such as smart contracts, to improve the trust verification across various departments. This led to the digital circulation of electronic invoices; their issuance, receipt, inspection, reimbursement, and improved the information management level and service capabilities of electronic invoices in financial departments.\u201d<\/p>\n

Similarly, local news outlet Shanghai Securities News reported that the digital yuan central bank digital currency, or e-CNY CBDC, surpassed 104.8 billion Chinese yuan ($15.21 billion) in usage in the province of Zhejiang since its inception in April. Provincial residents have opened 24.14 million e-CNY wallets, and authorities claimed to have distributed 3.5 billion yuan ($510 million) in tax refunds via the e-CNY to residents as an experiment. Despite the results, experts such as former Chinese central banker Xie Peng said that \u201cusage has been low\u201d for the CBDC.\u00a0<\/p>\n

Kunming\u2019s blockchain KPIs\u00a0<\/strong><\/h2>\n

On Dec. 30, the City of Kunming published its three-year plan for municipal digital economy development. The report set a 25% annual growth target for the city\u2019s digital economy to surpass 500 billion yuan ($72.58 billion) in two years. In addition, local-level communist party officials must meet collective key performance indicators of incubating at least 20 blockchain-specific applications and encouraging the development of at least 10 \u201cstrongly competitive\u201d and technologically advanced blockchain firms by the end of 2024. \u201cPlease implement [them] fully and completely,\u201d the document states.\u00a0<\/p>\n

Moutai\u2019s metaverse hits 1 million users<\/h2>\n