things get complicated?

Selling NFTs to countries that have already adopted blockchain and all its technology is easy. IN CHINA recently, it has been stated that the sale cannot be made without identity verification. Already the bitcoin mining in China has been controversial for a while, now we are on the case of the NFT sale.

This story of selling NFTs requiring identity verification in China originated during a forum of the intellectual world. The leaders and thinkers of the event provided their well-founded arguments to defend this idea. One way or another, China has put forward arguments that could inspire the whole world.

However, the announced system will not be suitable for all users and fans of NFT.

China and the sale of NFT

In China, the purchase of NFTs is indeed possible. In the periods of launching non-fungible tokens, China has adopted the modalities of the rest of the world. L’purchase of the NFT was during these times, doable without identity verification. Both buyers and sellers were free to trade their NFTs in this respect.

Things changed during the “Chinese High Quality Digital Cultural and Creative Development Forum”. This forum took place in Beijing and brought together Chinese tech giants like Alibaba and Baidu.

The sale is not possible without verification

According to what was said during the forum, it is no longer possible to sell NFTs in China without going through an identity verification. The fact is that in China, NFTs are now considered art. It is therefore digital art destined to be collected.

Since they are virtual art objects, it is no longer possible to circulate them freely on the blockchain. The Chinese government wants NFTs bought in China and bought by the Chinese enjoy a more secure value.

The fact is that in these NFTs we find, for example, the notion of intellectual property. It is these individual aspects of the digital arts that China wishes to reevaluate.

Is it really necessary?

Having your identity verified before selling an NFT is a step that regular customers don’t like. However, it could be good if the NFTs in question were part of a real digital art collection.

If a digital artist wants to sell their NFTs at the best price, identity verification is to their credit. China somehow has a reason for wanting to enforce this law in the sale of NFTs.

Either way, the topic is quite controversial, but we can only expect a good turnaround with this new policy.

Annaelle

Do you know the expression BFF? Best friends forever? Well I, Annaëlle, am Victoria’s best friend. I am also passionate about cryptocurrencies, I come to give him a hand on his blog … lending him my pen 🙂

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