Shanghai Data Exchange Will Issue NFTs Despite Current Crypto Ban

Reports show that the Shanghai Data Exchange will roll out a thousand Ethereum-based NFTs on April. The tokens will be available on a first come, first served model, with no pre-sale. Traders are concerned as to how things will turn out for this latest NFT project considering China’s current ban on crypto.

Owners of a Forsee Future – Sci and Tech Interconnection token will be able to claim a real-world reward as well. People who own a token can get a customized baggage tag at the Hong Kong International Innovation and Tech Exhibition, which is set to take place a year from now in 2024.

Building Shanghai-Hong Kong Links

Interested parties looking to receive an NFT have to go through a complete registration process. To do so, they have to connect their WalletConnect, Rainbow, Argent, or MetaMask wallets. Shanghai Data Exchange will stop registering any claims on April 14 at 23:59. Then, the airdrop for the NFTs will be concluded by April 16.

CryptoNatty, a content platform that covers topics surrounding cryptocurrency, will manage the NFT airdrop. It will do so via its Launch Tower portal. The purpose of the NFT airdrop is to increase collaboration between Shanghai Data Exchange and Hong Kong.

The former is a semi-public entity that’s focused on developing technologies based on asset tokenization. Meanwhile, Hong Kong is establishing itself as a crypto hub for investors and enthusiasts.

Shanghai Exchange Announces Airdrop Despite Crypto Ban

This latest airdrop comes at a time when then Chinese government has introduced a blanket ban on cryptocurrencies. Just two years ago, Beijing cracked down on crypto trading and mining in mainland China. Moreover, reports show that it has advised against the speculative trading of nonfungible tokens.

After the ban, China’s biggest tech conglomerates, JD, Baidu, Ant, and Tencent, developed a secondary market for trading NFTs. Now, users who look up Bitcoin on popular Chinese social networking apps like Douyin or Weibo won’t find any information.

Rather, they get a warning that advises them against investing in cryptocurrencies, which don’t hold the same legitimacy as legal tender.

China Shows Interest In Blockchain Technology

Although Beijing has shown strict resistance toward digital assets, it favors the implementation of blockchain. Using the advanced tokenization technology will help in various asset management applications.

In January, the Chinese government approved to roll out the China Digital Trading Platform for digital assets and NFTs. It’s a state-approved trading platform that will enlist different organizations and museums upon launch.

Eventually, the platform will act as a state inventory for trading digital assets. It will register, monitor, and even administer copyrights via a blockchain titled the China Cultural Protection chain.