The legislative and technological mechanism known as the the Great Firewall has for decades regulated nearly all facets of digital life in China. Yet while its role has traditionally been to control the internet domestically, the Chinese state is now taking further steps to curb the influence of international blockchains and crypto, which is having a major impact on NFT marketplaces with ambitions to expand eastward.
Adjacently, China has also been transitioning towards the digital yuan, which, as of January 2022, is being used by one in five Chinese citizens,This novel ecosystem is paving the way for what are known as BSN-Distributed Digital Certificates — “essentially, China’s version of NFTs,” according to“While most decentralized entities in China are restricted, DDCs become akin to a multi-chain environment, fully compliant with Chinese law,” Chu said.
Many in China’s big-tech ecosystem are also getting involved. Companies like Alibaba, Tencent, and JD have built their own platforms different from the BSN-DDC network, but similar in the sense that they are offering NFTs and digital assets to the Chinese marketplace in accordance with Chinese law.
For example, earlier this year, Huanhe offered digital twins of the Dunhuang Grottoes at RMB 118 apiece . All digital works purchased or otherwise received from Huanhe can be displayed in a virtual 3D gallery, but Huanhe also prevents secondary-market trading.
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