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The Blockchain-Based Service Network Launches NFT Infrastructure Platform in China

The Blockchain-Based Service Network (BSN), China’s state-backed blockchain infrastructure initiative, said today that it will launch its platform for non-fungible tokens (NFT) in the nation.

  • The Blockchain-Based Service Network Launches NFT Infrastructure Platform in China

According to a news release from the organization, the BSN-Distributed Digital Certificate (BSN-DDC) network provides a platform for developing NFTs that are consistent with Chinese rules. Authorities in China oppose the usage of public networks such as Ethereum, which is widely utilized in the NFT ecosystem.

BSN is instead making 10 Open Permissioned Blockchains available on the BSN-DDC. These are localized variants of its permissionless cousins that limit who can engage in network governance and accept payment in fiat money. DDCs are the same as NFTs, but have been rebranded to emphasize their certification applications.

Five of the ten chains have been named: the Ethereum-based Wuhan Chain, the Wenchang Chain powered by the Cosmos-based IRISnet, the Corda-based Zunyi Chain, the EOS-based Zhongyi Chain, and the FISCO BCOS-based Tai’an Chain.

  • China

The following platform partners were also announced: The state-owned museum and auction house Rong Bao Zhai Auction, the state-backed Hainan International Culture and Artworks Exchange Center – which has obtained the first license for a Chinese NFT marketplace, consulting firm EY’s blockchain division, video technology provider Sumavison, electronic invoice provider Baiwang, and Digital Art Fair Asia, a Hong Kong-based NFT-focused company

In March, another 26 founding partners, as well as the strategy and governance structure, will be disclosed during a launch event in Nanjing.

The BSN-DDC is built on the Blockchain Services Network, a low-cost platform allowing developers to design and deploy decentralized apps.

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