Klaytn, South Korean internet giant Kakao’s public blockchain, will build an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network’s (BSN) infrastructure for the Middle Kingdom’s domestic use.
See related article: Resist the temptation on NFTs, Chinese state-backed developer says
Fast facts
- Klaytn said on Tuesday it will take part in establishing the Chongqing Chain, a permissioned version of Klaytn, which intends to be the gateway into China’s blockchain market.
- The BSN is a Chinese state-backed project that is split into two entities: BSN China and BSN International.
- Klaytn joined BSN’s international network in January 2022.
- The Chongqing chain is expected to become one of the open-permissioned blockchains on the BSN-DDC network, a non-cryptocurrency infrastructure for non-fungible tokens (NFTs), or locally referred to as “digital collectibles.”
- BSN supports 28 blockchain frameworks with more than 25,000 developers using its technology, according to a press release.
- China has yet to set clear regulations on the trading of NFTs, but Yifan He, CEO of Red Date Technology, the BSN developer, has told Forkast that he sees a bleak future for digital collectibles if NFTs continue to be packaged as investment products.
See related article: BSN, China Mobile support local NFTs with new chain launch