BSN launches NFT infrastructure platform in China

China's state-approved Blockchain-Based Services Network (BSN) blockchain infrastructure project announced today that it will launch a non-fungible token (NFT) platform in China.

The group said in a press release that the BSN Distributed Digital Certificate Network (BSN-DDC) is the design standard for the development of China's NFT-based regulatory systems. Chinese police do not endorse public networks commonly used in NFT ecosystems such as Ethereum.

Instead, as CoinDesk announced in October, BSN is issuing 10 licensed public blockchains on the BSN-DDC. These are local unlicensed licensing models that prohibit anyone from participating in network management and paying in fiat. DDC is identical to NFT, but has been renamed to meet the purpose of certification.

5 of the 10 chains are Ethereum-based Wuhan Chain, Cosmos-based IRISnet-based Wenchang Chain, Corda-based Zunyi Chain, EOS-based Zhongyi Chain, and FISCO BCOS-based Taian Chain.

Several participating platforms were also announced. State Museum and Rongbaozhai Auction Museum; Hainan Province International Cultural Arts Trade Center Authorized China's First NFT Trade; blockchain distribution from consulting firm Ernst & Young; Sumavison video technology; e-invoice focuses on Baiwang's Digital Art Fair Asia and NFT Hong Kong.

Another 26 stakeholders, including management plans and models, will be announced at a meeting in Nanjing in March.

BSN-DDC is a blockchain network service, a platform that allows developers to build and deliver distribution applications at low cost.