China Daily invests $390,000 in an NFT platform to globalize Chinese culture, merging metaverse tech with rich heritage. By Maxwell Mutuma 5 hours ago Updated 5 hours ago
China Daily, steered by the Publicity Department of the Chinese Communist Party, has earmarked a substantial 2.813 million Yuan ($390,000) to create a new NFT platform. The announcement specifies that a third-party contractor, either a domestic or international firm specializing in blockchain technology, will develop the platform. Moreover, the mainnet of the chosen blockchain firm must demonstrate the capability to manage over 10,000 transactions per second, ensuring robust performance and reliability.
Blending Technology and Culture in Metaverse
The primary objective of the China Daily NFT Platform is to enhance the global impact of Chinese Civilization. The strategy will integrate various technologies, including the metaverse, VR, AR, mixed reality, blockchain, NFTs, big data, and cloud computing, to achieve this.
Additionally, the platform will facilitate the uploading, displaying, and managing digital collections, supporting multimedia forms and multiple collection types. Furthermore, it will incorporate pricing, bidding, limited-time functions, and multi-currency settlement to ensure a comprehensive user experience.
China Daily Expands NFT Global Reach
Besides its platform, China Daily plans to engage with both domestic and international mainstream NFT platforms to issue digital collections. This includes notable foreign platforms such as OpenSea, Rarible, SuperRare, and Foundation. Consequently, this strategy will likely enhance the reach and accessibility of their digital collections to a global audience, despite the stringent regulations and scrutiny faced by blockchain entities within China.
The contractor must submit their application for this innovative platform by October 17 and complete it within three months. Hence, this tight schedule underscores the urgency and significance attributed to this project by China Daily.
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However, it is crucial to note that this initiative unfolds against stringent cryptocurrency regulations in China. Since 2021, all forms of cryptocurrency transactions have been prohibited in the country, and blockchain entities that continue to operate face rigorous scrutiny from law enforcement. Additionally, recent events, such as the detention of former executives from China Evergrande, Xia Haijun, and Pan Darong, for their alleged involvement in fraudulent activities, further highlight the strict regulatory environment in China.
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