In many cases, NFTs are mostly associated with digital art. He Yifan, the CEO of Red Date technology (the technical support provider for BSN) said that in China NFTs will be mainly used for certificate management. That includes car license plates and school diplomas, as blockchain provides “revolutionary database technology.”
“NFTs are launched and traded on public blockchains, which are decentralised platforms that provide access to anyone wanting to write and read data. However, public chains “are illegal in China” as the state requires all internet systems to verify user identities and permit the regulator to intervene in the event of ‘illegal activities’,”
He Yifan told the Post.
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Source: Cryptocurrency - investing.com
