China’s state-backed Blockchain Services Network (BSN) announced last week that it plans to launch an infrastructure platform for NFTs.
Blockchain Based Service Network (BSN), China’s state-approved blockchain infrastructure project, announced today that it has launched a platform for non-exchangeable tokens (NFT).
BSN Launches NFT Platform
In a press release by BSN today, he said the BSN-Distributed Digital Certificate (BSN-DDC) network is a framework for creating NFTs that comply with Chinese regulations.
However, authorities in China reportedly do not recommend the Ethereum (ETH) blockchain, which is widely used in the NFT ecosystem. Therefore, BSN plans to launch 10 Open Permission Blockchains on BSN-DDC instead of the Ethereum blockchain.
These networks are localized versions of their unauthorized counterparts that impose restrictions on who can participate in network administration and use fiat currency for payment.
It has been reported that 5 of these 10 chains are Ethereum-based Wuhan Chain, Cosmos-based Wenchang Chain powered by IRISnet, Corda-based Zunyi Chain, EOS-based Zhongyi Chain and FISCO BCOS-based Tai’an Chain.
In addition, the platform partners were also disclosed: state-owned museum and auction house Rong Bao Zhai Auctions, state-sponsored Hainan International Cultural and Artistic Center, blockchain part of EY, the consulting firm that received the first license for an NFT market in China, video technology provider Sumavison, electronic invoice provider Baiwang, and Digital Art Fair Asia, an NFT-focused company from Hong Kong.
Launch to be held in March
Finally, it was reported that the roadmap and management structure, as well as the 26 founding partners, will be announced at a launch ceremony to be held in Nanjing in March.
BSN-DDC is based on the Blockchain Services Network, a platform where developers can build and deploy decentralized applications at a low cost.