According to one of its creators, a China state-backed blockchain network wants to introduce non-fungible token (NFT) infrastructure. That is unrelated to bitcoin by the end of this month.
The intended NFT format will only enable Chinese yuan payments, according to He Yifan, CEO of Red Date Technology.
Who’s a creator of the Blockchain-based Service Network (BSN). That’s, an initiative to drive mass adoption of blockchain technology across China.
“We believe it will become the preferred location for most NFTs in China,”
So, he says, adding that “all NFTs in China require a public, credible, and low-cost infrastructure.”
He explained that the NFT infrastructure network, dubbed BSN-Distributed Digital Certificate (BSN-DDC). So, it will be made up of ten open permissioned blockchains where designers may choose whatever NFT applications they want to construct.
BSN-DDC, he predicts, will break even after producing 10 million NFTs.
China has not prohibited NFTs, unlike cryptocurrencies, but state media has issued numerous warnings about the latter’s speculative character.