BSN Architect Red Date to Launch NFT Infrastructure in China
“Open permissioned” chains on the BSN are the only way NFTs will be allowed in China, says Red Date CEO Yifan He.
Red Date Technology, the firm behind the Blockchain Services Network, will launch infrastructure to support the deployment of non-fungible tokens (NFT) in China.
- The project, dubbed the BSN-Distributed Digital Certificate (DDC), was announced at the BSN Open Permissioned Summit on Friday.
- Red Date CEO Yifan He said NFTs will be widely used in China in the next five years, but the government doesn’t want the technology to be associated with crypto or running on public, permissionless chains.
- “If we look at the environment in China, this is the only way to launch NFTs,” He said.
- On the BSN-DDC, developers will have access to 10 “open permissioned” chains on the BSN to build their NFT platforms. He called for more public chains to join the project.
- The infrastructure can also be deployed on nodes outside the BSN, He said.
- “What I see here is that every company that has copyright and IP (intellectual property) is considering NFTs,” the CEO said, adding that they are working with a major company in the film industry.
- The project will launch by the end of January 2022, He said.
- Last week, Chinese media reported that China’s big tech giants Ant Group and Tencent changed references to NFTs on their sites and platforms names to “digital collectibles.”
- He said that they changed the name of NFTs to DDC, “like everyone.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.