- The Shanghai Data Exchange debuted blockchain-based digital assets that do not allow secondary trading.
- This announcement came despite the fact that China is very critical about NFTs.
- The assets can be used to be exchanged for an actual pair of physical shoes.
A mere day after the Shanghai Data Exchange started trading in digital assets on Wednesday of this week, it debuted blockchain-based digital assets that do not allow secondary trading.
The Shanghai Data Exchange is a state-owned institution that was established in November of 2021. The exchange aims to provide its users with trading data products.
This announcement by the Shanghai Data Exchange came despite the fact that China is very critical about NFTs. Shanghai and Beijing, on the other hand, see the potential in NFTs and plan to utilize them as a way to boost the economy. This is especially necessary as the Chinese economy is slowing down because of its zero-Covid policy.
The NFT “stigma” went so far that a tech giant in China known as Tencent halted all further sales in NFTs and refunded buyers for the items they already purchased. This was primarily done because of regulatory concerns surrounding NFTs.
The digital assets in question were jointly launched by the Shanghai Data Exchange and a well-known footwear maker Warrior, and a video streaming platform called Bilibili, which is extremely popular with the more youthful generations in China.
All of the assets are based on the blockchain known as High Energy Chain, which was developed by Bilibili.
Although Bilibili is not releasing any juicy details about the project at the moment, the platform did not deny that the digital assets will take the form of NFTs.
The assets are distributed for free and each of the assets can be used to be exchanged for an actual pair of physical shoes.