China Daily, a government-owned English-language newspaper, is venturing into the world of non-fungible tokens (NFTs) and the metaverse with a substantial investment of 2.813 million Yuan ($390,000). The newspaper aims to create an NFT platform that promotes Chinese civilization and culture using cutting-edge technologies like blockchain, virtual reality, and augmented reality.
In a recent announcement, China Daily revealed its intention to award the contract for designing the NFT platform to a third-party contractor, whether domestic or foreign, with expertise in blockchain technology. The selected contractor must also have a blockchain mainnet capable of handling over 10,000 transactions per second. Interested parties have until October 17 to submit their applications, and the platform is expected to be completed within three months.
The primary objective of the China Daily NFT Platform is to enhance the global influence of Chinese culture. To achieve this, the platform will leverage the metaverse, virtual reality (VR), augmented reality (AR), mixed reality, blockchain, and irreplaceable digital assets (NFTs). The platform will allow users to upload, display, and manage digital collections in various multimedia formats, catering to diverse collection types. It will also feature pricing, bidding, limited-time functions, and support for multiple currencies.
In addition to its standalone platform, China Daily plans to collaborate with established NFT platforms, both domestic and international, to issue NFT digital collections. Some potential partners mentioned include OpenSea, Rarible, SuperRare, and Foundation, among others. This collaboration is part of China Daily’s strategy to reach a broader audience and promote Chinese culture on a global scale.
It’s worth noting that China banned cryptocurrency transactions in 2021, resulting in strict regulatory oversight of blockchain activities. Despite this, the Chinese government-owned newspaper is forging ahead with its NFT project, demonstrating its commitment to utilizing blockchain technology for cultural promotion.
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