China will launch its first state-run NFT market, the "Chinese Digital Asset Trading Platform," a secondary trading market for digital collectibles, in the new year.

Beijing will hold a launch ceremony for the new market on January 1, with support from the government-funded China Technology Sharing Center and China Cultural Relics Sharing Center, as well as the private company Huaban Digital Copyright Service Center.

The platform will not support Bitcoin or Ethereum, which is a significant limitation.

Digital copyrights, property rights, and NFTs will be among the key tradable assets on the new blockchain, known as China's Chain of Cultural Protection. The platform will also include a metaverse, and the security chain will include NFT and cryptography registration, as well as rights validation for digital assets.

Despite the fact that China banned cryptocurrency last year, NFTs are widely accepted in the country.

This year, the government-backed Blockchain Service Network was also launched, which is described as "a common infrastructure for the global deployment and operation of blockchain applications."