BSN, China Mobile Support Local NFTs With “Zhong Yi Chain”

China plans to draw a line between cryptos and non-fungible tokens (NFT) which is pretty similar to what it has done in its digital currency efforts prior to the crackdown on cryptos in the country harms the local NFT industry.

China’s state-owned Blockchain Service Network (BSN) has announced the inclusion of its blockchain-based service “Zhong Yi Chain,” created by the telecommunications giant China Mobile and China Mobile, to its blockchain ecosystem with permission to be open to boost the growth of domestically-produced blockchain-based tokens that are non-fungible tokens (NFTs).

To differentiate them from NFTs that are hosted on public blockchains, they will be referred to as BSN Distributed Digital Certificates (BSN-DDC). The BSN developed the network in order for hosting Blockchains to be more simple and affordable for SMEs.

The BSN-DDC platform makes it cheaper to make NFTs compared to Chinese platforms. According to He Yifan, CEO of Red Date Technology, BSN’s technology support business, the NFT can be created by using the BSN-DDC platform at just .05 dollars (.7 cents).

The brand-new chain is available to individuals who are on the BSN-DDC network which allows NFT transactions in China without the inclusion of the purchase of cryptocurrency.

Some Facts:

• Zhong Yi Chain is built on EOS, Zhong Yi Chain assists in expanding the variety of technology options available that utilize BSN open-permissioned blockchains , which allow developers to develop applications that are not centralized.
• China Mobile is actively associated in the creation of BSN and is among four founding members.
• In contrast to cryptocurrency China has not been successful in banning NFTs.
• Media owned by state-owned media outlets have issued warnings on the nature of speculation in NFTs. Certain outlets have released their own antiquated electronic warnings.