The Shanghai Government Encourages the Exploration and Development of NFT Trading Platforms

The administration of Shanghai views NFTs as a way to defend intellectual property and digital rights.

Shanghai’s administration has abandoned China’s opposition to digital assets such as Non-fungible tokens due to their volatility and related hazards.

NFTs may be used to safeguard intellectual property and digital rights. The notification described Shanghai’s “14th Five-Year Development Plan” for its digital community.

Moreover, the Shanghai administration thinks that NFTs might be utilised to safeguard intellectual property and digital rights. The sign stated:

Pilot in Shanghai the digitization of non-fungible tokens and other assets, the worldwide circulation of digital intellectual property, and the preservation of digital rights.

Develop blockchain business models, prioritise the creation of blockchain open source platforms, NFTs, and other business models, and expedite the investigation of digital transformation and digital technology applications in the sectors of virtual digital assets, artwork, intellectual property, and gaming.

The NFT Trading Platforms Will Probably Be Nationalized or Operated By Major Chinese Technology Giants.

Given China’s history of nationalising much of its technologies, it is quite plausible that the NFT trading platforms will be provided, monitored, and inaccessible to the rest of the world.

The NFT markets might also be connected with those of China’s digital heavyweights, such as Tencent, Alibaba, and Baidu.

In the opening to the Shanghai Notice, President Xi Jinping’s guidance hints at the possibility of the two eventualities described above. It says:

Guided by Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era, completely execute the spirit of the 19th National Congress of the Communist Party of China and the 19th Plenary Sessions, implement the demands of General Secretary Xi Jinping’s major speech on his inspection of Shanghai, grasp new chances for global digital growth, and utilise data as a key element, with the primary line of supporting the deep integration of digitisation.

Also Read: Solana Accused Of Being ‘Centralized’ ‘Security ’