China Daily newspaper ventures into the NFT universe

China Daily newspaper ventures into the NFT universe

China Daily, a newspaper under the control of the Publicity Department of the Chinese Communist Party (CCP), has announced plans to pioneer its own metaverse and non-fungible token (NFT) platform.

CCP shows keen interest in NFTs

China Daily has stated that digital collectibles sold on the platform might be listed on prominent NFT marketplaces like OpenSea and LooksRare. This decision, coming from a state-owned entity, paves the way for new advancements in China’s metaverse and blockchain sector.

The newspaper is setting aside an impressive 2.813 million Chinese yuan (equivalent to $390,000) to commission a third-party contractor to develop the platform under their stipulated specifications. Intriguingly, China Daily has expressed openness to “either a Chinese or foreign” blockchain-centric firm to undertake this responsibility.

To maintain the integrity and effectiveness of the platform, the mainnet of the successful contractor’s blockchain must be equipped to handle a minimum of 10,000 TPS (transactions per second).

A great opportunity for blockchain devs

Interested contractors are given a tight deadline: submissions are to be presented by October 17th, with the development process itself not exceeding three months.

The primary motivation behind this venture is to amplify “the spread of the influence of the Chinese Civilization”, utilizing a plethora of cutting-edge technologies. These include, but aren’t limited to, the metaverse, virtual reality, augmented reality, mixed reality, blockchain, NFTs, big data, and cloud computing.

As per developers, the platform is mandated to provide functionalities such as “uploading, displaying, and managing digital collections”, supporting a variety of media types and collection formats. Furthermore, it must feature pricing, bidding, time-limited operations, and facilitate multi-currency transactions.

An official statement elaborated on the project’s broader scope:

“In addition to its own platform, based on the project goals and audience groups, domestic and overseas mainstream NFT platforms suitable for issuing digital collections will be selected to issue NFT digital collections. Foreign platforms include but are not limited to OpenSea, Rarible, SuperRare, Foundation, etc.”

China’s plans for crypto

It’s worth noting that since 2021, China has prohibited all cryptocurrency-related transactions and mining operations. While some blockchain companies persist, they frequently encounter rigorous inspections from local law enforcement, signaling a cautious approach to this rapidly evolving technology.

Dubious speculations suggest China Daily’s new platform may be part of a larger plan by the CCP to push its CBDC (central bank digital currency) pilot program.

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