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China’s tech giants promise speculation-free NFTs

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The future of non-fungible tokens is getting more clarity in China as the country’s tech giants come together to formulate standards for the nascent industry.
The China Cultural Industry Association, along with Tencent, Ant Group, Baidu, and others, jointly issued a “self-disciplined development proposal” for the “digital collectible industry,” a rebranded term for NFT in China to do away with the technology’s financial aspects.
While industry associations do not have regulatory power, they can be conducive to developing standards and best practices within an industry. The China Cultural Industry Association was founded with permission from the State Council and counts Alibaba and Tencent among its members, according to information on its website.
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