An NFT proves ownership of a piece of digital art or collectible and is an effective store of value because it cannot be reproduced. NFTs were first developed on the secure, decentralized blockchains associated with cryptocurrencies, but China has taken a different approach. It’s relying on so-called permission-based blockchains that operate under state oversight. No crypto coins are involved, with all payments made in the official yuan currency, so there’s little opportunity for speculation. The system only permits the initial acquisition of an NFT, with no secondary market akin to global exchange OpenSea, where speculators bid up prices of collectibles such as Bored Apes, CryptoSkulls and Lazy Lion graphics.