China To Create Own NFT Industry Based on State-backed Blockchain Infrastructure (scmp.com) 20
China's state-backed Blockchain Services Network (BSN) plans to roll out infrastructure at the end of this month to support the deployment of non-fungible tokens (NFTs), a major step to creating a Chinese NFT industry that is not linked to cryptocurrencies. From a report: Although Beijing has banned cryptocurrencies, He Yifan, chief executive of Red Date Technology, which provides technical support to BSN, told the South China Morning Post that NFTs "have no legal issue in China" as long as they distance themselves from cryptocurrencies like bitcoin. The infrastructure, named the BSN-Distributed Digital Certificate (BSN-DDC), to differentiate it from crypto-transacted NFTs, will offer application programming interfaces for businesses or individuals so they can build their own user portals or apps to manage NFTs. Only Chinese yuan is allowed for purchases and service fees. "NFTs in China will see annual output in the billions in the future," He said in an interview.
blockchain based transactions are okay (Score:2)
as long as we don't call it currency.
okay...lets do blockchainbarterbits. You can buy blockchainbarterbits for a few bucks then trade those with other people, remember they aren't cryptocurrency, they're just items you can use to trade with other people for their stuff. Its not currency, just good ol bartering.
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Yes, but that's not really a fair comparison since shit has actual value. [bloomberg.com]
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In principal a technology that allows ownership to be determined and transferred with much less hassle could be useful. I don't know how it works in China, but in the UK we still have paper deeds for houses that have to be kept securely, and physically transferred.
The obvious concern is fraud, and the usual way of handling that is regulation and government control. Again, with property we have the Land Registry, a government agency that does checks on transfers.
Let me know .. (Score:3)
NFTs are a scam (Score:1)
If you ever needed extra evidence that NFTs are a scam, China has their own NFT industry-backed blockchain infrastructure. That's all you should need to know.
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Electricity is a scam. All email scams use electricity! That's all you should need to know!
No, the promises of getting rich off these jpeg "art" projects are scams - not the underlying tech which has some excellent applications.
Though a state-backed blockchain does sound like a scam (of sorts) to me. With that sort of centralisation there's no point to use it over a state-run SQL database except to give the illusion of security and innovation.
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A scam? No way! I just bought this: https://en.wikipedia.org/wiki/... [wikipedia.org] as an NFT from what I'm SURE is a VERY trustworthy bitcoin exchange. I think it was named after a city in some Asian county, what was it, oh, yeah - bankofrugpull.com!
Now no one else can claim _digital_ ownership of it, it's mine mine mine!
"State-backed blockchain" (Score:2)
Hopefully it will secretly just be a MySQL database, running on a failover arrangement of old Raspi Zeros to give the illusion of being as slow as a blockchain. For the sake of the environment.
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Web3.... Freedom for all ! (Score:1)
NOT!
Proponents of blockchain and crypto currencies only need to look at what's happening in China to realise how utterly naive this concept of the world being freed by this technology is.
China is leaping on this techology, why? Cause they love tracking stuff, they love the concept of a ledger that everyone has to use just to do ordinary monetary transactions.
"Oh you want to sow political dissent? Aaah we'll just transfer all your money and possessions to the state, via their state controlled NFT and digita
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And if you want more proof of their total stupidity check out...
C R Y P T O L A N D ...
https://peertube.social/w/iHHq... [peertube.social]
WTAF hey?
Censorship (Score:1)
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It would depend on the implementation... Obviously China's implementation will help enable censorship (controlled by them)
Nice (Score:2)
So instead of that Lion or Monkey, it's just going to be images of Winnie the Pooh with slightly different smiles in each NFT?
This is almost funny (Score:2)
PoW (Score:1)
Does it still use proof of work? Because China has been doing so much already for heating up the planet. So I assume it's OK for the world to pay a hefty price for the CCP's pathological love of keeping track of everyone's every move
It's an economy about nothing (Score:2)
You don't get rich by creating anything useful. Don't bother farming, or manufacturing shoes or something. Fastest, easiest, way to make real money is with something completely useless. The era of massive Ponzi schemes is here.
Cryptocurrency scarcity is a complete farce. 1) There are about 15,000 cryptocurrencies, and more could be on the way. 2) The idea of scarcity driving up price should only make sense if there is a scarcity of something that is in demand. Cryptocurrency is nothing by 1s and 0s on some
If some downloads your NFT (Score:2)
If some downloads your NFT and changes a single pixel, can they sell it as a whole new NFT? BRB, I have some sheep to sheer...