Chinese Government-owned Newspaper China Daily to Launch NFT Platform and Enter The Metaverse And NFT Space With A $390,000 Investment

October 11, 2023

By Sharan Kaur Phillora

China Daily, a leading English-language newspaper under the Publicity Department of the Chinese Communist Party, has unveiled an ambitious project to establish its own metaverse and nonfungible tokens (NFT) platform. 

Here’s what we know:

The announcement underlines the surging significance of NFTs and the metaverse in the media realm, reflecting an industry-wide shift towards these groundbreaking technologies.

With an allocated budget of 2.813 million Yuan (around $390,000), China Daily is set to award the task to a third-party contractor, open to domestic and international blockchain specialists. 

A primary specification for the contractor is to present a platform capable of managing over 10,000 transactions per second. Aspiring contractors are given until October 17 to submit their bids to design the platform in a three-month timeframe.

China Daily’s NFT initiative is multifaceted, including:

  • Digital Collection Issuance Platform: A launchpad for releasing digital collectibles.
  • NFT Digital Collection Creative Development: Both for local and global markets, this segment emphasizes the innovation and promotional drive of NFT-based digital items.
  • AR/VR Content Promotion: This entails the creation and promotional push for augmented and virtual reality content.
  • Metaverse Space Construction: Involves devising and marketing distinctive areas within the metaverse.

Moreover, the platform is envisioned to enable features like the display, management, and uploading of various digital collectibles, encompassing multiple multimedia forms. Notably, the platform will also be integrated with pricing, bidding, and time-bound functions, accompanied by multi-currency settlement capabilities.

While China imposed a ban on cryptocurrency transactions in 2021, the announcement of this NFT project showcases a distinct embrace of specific blockchain applications. However, it’s imperative to note that blockchain entities within China remain under the close watch of regulators.

Given the rising global interest in the metaverse and NFTs, China Daily’s bold move signifies the media industry’s forward-thinking approach, aiming to redefine content creation and journalism in the digital age.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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