Renowned Hong Kong film director Wong Kar-wai plans to auction his first NFT film piece at Sotheby’s in early October. State-backed Beijing International Big Data Exchange vowed to use more blockchain technologies in its data trading system. China’s central bank said it has “largely completed” its crackdown on China’s crypto transactions.
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The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Sept. 1 to Sept. 7.
Big names enter NFTs
- Hong Kong film director Wong Kar-wai released his first NFT work on Monday. The NFT will be sold at Sotheby’s Hong Kong autumn auction on Oct. 9. Called “In the Mood for Love: A Moment,” the NFT feature is one-and-a-half minutes long and includes unreleased footage from the first shooting day of Wong’s most famous work, “In the Mood for Love.” The film was released in 2000 and won star Tony Leung that year’s best actor award at the Cannes Film Festival. (Blockbeats)
- Famous Chinese rap group Higher Brothers plans to release a music video of its single “Phuket” as an NFT on Binance’s NFT marketplace on Sept. 9. The rap group also collaborated with the NFT community Mao Dao to distribute 30 pieces of the music video NFTs to community members. (Blockbeats)
More blockchain love
- State-backed Beijing International Big Data Exchange vowed to use more blockchain and smart contract technology to power its operations, according to an article by Fan Wenzhong, chairman of Beijing Financial Holdings Group, the exchange’s major shareholder. The exchange wants to use blockchain technology to establish its data trading system, the article said. (China Star Market, in Chinese)
- China’s central bank recently started building a blockchain-powered platform to track corporate credit information in Beijing, Tianjin, and Hebei province, according to Ma Yulan, the bank’s deputy director. The project included nine local credit reporting agencies in its first round of testing. (China Star Market, in Chinese)
Crypto transactions ‘rectified’
China’s central bank, the People’s Bank of China (PBoC), said it has “largely completed” crackdowns on crypto transactions in a Sept. 3 financial stability report. The report said that financial activities, including crypto transactions, crowdfunding, and online asset management, have been mostly “rectified” and that the bank will now monitor those activities regularly. Since earlier this year, Chinese authorities have accelerated crackdowns on crypto mining and over-the-counter crypto trading. (PBoC, in Chinese)