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On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Trade in Services (2026-2030)," which mentions increasing efforts in the development of standards in areas such as intellectual property, technology services, geographic information, human resources, language, consulting, inspection and testing, and creative design services. The plan aims to promote the coverage of relevant standards across the entire service supply chain both domestically and internationally, and enhance the international service capabilities of professional service organizations. It also aims to improve the standardization level of service outsourcing, focusing on promoting standardization in areas such as biopharmaceutical R&D outsourcing, information technology outsourcing integrated with manufacturing, and intellectual property protection for service outsourcing companies.On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Trade in Services (2026-2030)," which emphasizes accelerating the development of standards in areas such as tourism services and inbound consumption, improving service specifications, promoting the alignment of service standards with advanced international standards, strengthening the implementation and promotion of standards, and promoting the establishment of a comprehensive standardization system covering travel service quality, safety, scenarios and applications, and guarantees and supervision. The plan also prioritizes the development of standards and systems in areas such as the digitalization of shipping trade, accelerating the digitalization, greening, and internationalization of international transportation services. Furthermore, it focuses on strengthening research into standards for agricultural service trade terminology classification, agricultural foreign technical service specifications, and cross-border outsourcing of agricultural supplies services, enhancing the international service capabilities and standardization levels of agricultural service institutions, and providing "Chinese standard" technical support for overseas agricultural development.On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Trade in Services (2026-2030)," which mentions promoting innovation in trade in services standards. It emphasizes the close integration of standards with service, technology, and application scenario innovation; strengthening the development of standards related to new services and technologies; proactively planning and promoting pre-standardization research on new trade formats and models; effectively leveraging the guiding role of standards in the high-quality development of trade in services; and enhancing the guarantee capabilities of services in key links and areas. It also emphasizes strengthening intellectual property protection during the standard-setting process.On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Service Trade (2026-2030)," which mentions optimizing the supply structure of service trade standards. It promotes the coordinated development and complementary support of government-issued standards and market-developed standards in the service trade sector. Based on the development of the service industry and trade, it strengthens the effective supply of national standards, focusing on protecting personal health and safety, national security, ecological and environmental safety, and meeting basic needs of economic and social management. It increases the intensity of mandatory standard formulation and revision, strengthens standard implementation supervision, and improves the standardization of industry development. It encourages social organizations to formulate urgently needed and internationally competitive group standards based on market competition and innovation needs. It fully leverages the role of leading enterprises, encouraging all types of enterprises, including private and foreign-invested enterprises, to strengthen innovation and formulate cutting-edge enterprise standards. It promotes the domestic transformation of advanced and applicable international standards, drives the formulation and application of international standards in the service trade sector, and enhances their global recognition and influence. While improving the foundation of the domestic standard system, it focuses on strengthening the research and application of service trade-related standards that are internationally oriented and support cross-border delivery.On April 23, the Ministry of Commerce and the State Administration for Market Regulation jointly issued the "Action Plan for Standardization of Trade in Services (2026-2030)," which mentions the coordinated advancement of standardization work in trade in services. The plan emphasizes strengthening research on the layout of standards in the service trade sector, taking market demand as the guide, focusing on basic and general standards, key industries, international cooperation, and the digitalization of service trade. It aims to cultivate Chinese standard brands in key areas, increase the promotion and implementation of standards and international cooperation, and accelerate the construction of a well-structured, focused, internationally aligned standard system that meets the development stage and needs of my countrys service trade. The goal is to gradually form a working pattern driven by the market, guided by the government, with full participation, and open sharing.

Crypto Market Sell-off Delivers NFT Trading Volume Boost

Cory Russell

Apr 13, 2022 10:06


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The crypto market sell-off has aided the growth of OpenSea NFT trading volumes.


Trading volumes on OpenSea fell in February and March as the crypto market rose.


As more mainstream businesses join the NFT area, the prognosis for the NFT market remains positive.

NFTs and OpenSea had a strong start to 2022, with trade volumes reaching an all-time high in January. The upward trend provided a positive picture for the next year.


ETH trade volume reached $4.97 billion in January, according to Dune Analytics statistics. The previous all-time high for OpenSea came in August, when trade volume reached $3.42 billion.


However, the crypto market's recovery from late January lows to early April highs was underwhelming in February and March.


Conditions in the NFT market look to be improving, with the recent crypto market sell-off providing support.

Trading on OpenSea with ETH under $3,000

March saw $2.49bn in ETH-based NFT trading volumes, down from $4.97bn in January and $3.58bn in February.


ETH trading volume is at $1.30bn. A continuing ETH decline would encourage demand for NFTs, notwithstanding the lack of a straight line.


After a January low of $2,161, ETH hit $3,500 in April before slipping down to sub-$3,000. ETH has declined in 6 of 9 sessions, with ETH-based NFT trading on OpenSea returning to sub-$3,000.


Because NFT trade volumes for Polygon (MATIC) and Solana (SOL) are so small, ETH remains the major emphasis.


This month's active traders have risen. From 546,145 in January to 451,767 in March, active ETH-based NFT traders. This month, there were 281,546 active ETH-based NFT traders.


Active traders may reach January's all-time high, boosting OpenSea and NFTs.

Beyond ETH Value's Influence on Trading Volume

Competition, illegal conduct, new NFT launches, and regulatory scrutiny will all have an impact on OpenSea trading activity.


LooksRare (LOOKS) debuted in January this year, and Coinbase is ready to join the NFT field via CoinbaseNFT.


Acceptance of fiat money as a form of payment will be a last important driver for NFT transaction counts. Coinbase and Mastercard announced a cooperation at the start of the year that would enable mainstream payments for NFTs.


The ability to accept mainstream payments eliminates the need for potential NFT collectors to open digital wallets and acquire cryptocurrency under risky market circumstances. The move by Coinbase to accept Mastercard payments may drive other NFT markets to do the same.


The good news for the NFT industry is that major corporations are continuing to investigate and join the digital asset market. Investors will be watching how Solana-based NFTs work for OpenSea.


However, there are also downside concerns, such as illegal activities and increasing governmental supervision. Regulatory monitoring must be helpful rather than punishing in order to make the NFT market more accessible. The actions of regulators on NFTs may be connected to unlawful activities in the NFT sector.