China’s Blockchain Services Network to Implement NFT Infrastructure This Month

The BSN-Distributed Digital Certificate infrastructure will launch via a permissioned network with the NFTs being unlinked to cryptocurrency.

article-image

Beijing skyline. Credit: Shutterstock

share

key takeaways

  • The Blockchain Services Network is launching API infrastructure that will enable businesses to build their own apps and portals to manage NFTs
  • The BSN-Distributed Digital Certificate infrastructure will launch via a permissioned network with the NFTs being separate from public blockchains

China’s Blockchain Services Network (BSN) is planning to implement the necessary infrastructure this month that would see the creation of a domestic non-fungible token (NFT) industry, one that doesn’t involve cryptocurrency.

According to a report by The South China Morning Post on Wednesday, the state-backed network’s infrastructure will enable application programming interfaces for businesses and individuals to build their own apps and portals to manage the tokens.

Non-fungible tokens are unique digital assets used to represent ownership over virtual and real-world assets.

He Yifan, chief executive of Red Date Technology, one of the four co-founding companies of the BSN, told SCMP NFTs will see future annual outpoint ranging in the “billions.”

Dubbed the BSN-Distributed Digital Certificate, to distance from crypto-centric NFTs, the infrastructure will launch via a permissioned network as opposed to public chains which are “illegal in China,” said He.

The only currency allowed for purchases and service fees on the network is the yuan. So far, the infrastructure has attracted more than 20 partners since the Blockchain Services Network was first launched in 2020, including one adapting the Cosmos blockchain system and digital e-invoicing SAAS provider Baiwang, per the report.

China’s history with cryptos such as bitcoin and ether, which are banned throughout the country, is long and complicated. The nation was once a major hub for crypto traders and miners but has since switched stance believing cryptos are a threat to financial stability and their national economy.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (6).png

Research

In recent months, a number of highly accretive developments were implemented across the protocol to improve fee capture, expand product functionality, and ultimately drive value accrual to the RUNE token, with more upgrades on the immediate horizon. These developments include hiking the minimum swap fee parameter to increase revenue, adding a Burn System Income Lever to reduce the RUNE supply, the addition of COSM-WASM smart contracting and IBC to enable an application layer, new chain integrations, and more.

article-image

A repayment plan has officially been approved, nearly two years after FTX went bust

article-image

Coinbase filed an interlocutory appeal in its case against the SEC earlier this year

article-image

FTX “never had the crypto” to make in-kind distributions, witness says at FTX’s confirmation hearing

article-image

Lucid Ventures co-founder Meta said they don’t think Solana is “abnormal” in the VC world, where it’s “standard” for many projects to fail

article-image

Plus, Polymarket hits all-time highs in daily trading volumes

article-image

Bitcoin is now in the second half of its bull market, if the previous ones are anything to go by