Sichuan, China's Sichuan province, has launched a new NFT marketplace

To "promote the music business to aggressively utilize modern technologies," the cultural and tourism authorities in Southwest China's Sichuan province established a non-fungible token (NFT) trading platform.



A number of music companies are adopting blockchain technology to protect their copyright, according to the Sichuan government.


Sichuan has become a hotspot of contemporary Chinese music.


Following official media's condemnation of the market frenzy, several Chinese corporations refer to NFTs as "digital collectibles."


In its statement on Thursday, however, the Sichuan government did not hesitate to use the word "NFT."


The NFT platform project was outsourced to a local blockchain startup, according to the department that published the announcement.


Meanwhile, some state-owned media in China are developing their own platforms.


Last week, Shandong province's state-run television station announced intentions to create a trading platform for "digital collectibles."


Last Monday, the Chinese Communist Party's Economic Daily urged for more stringent control of "digital collectibles."