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China Daily Ventures into NFT and Metaverse Despite National Crypto Ban

Author

Jay Solano

Tags

Tags Editor's Choice

Reading time

1 min
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Author

Jay Solano

Tags

Editor's Choice

Category

News - Archive

Reading time

1 min
Last update

Author

Jay Solano

Tags

Editor's Choice

Reading time

1 min
Last update


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Chinese state-owned newspaper China Daily is entering the NFT (non-fungible token) space, planning to develop a metaverse and NFT platform despite the nation’s stringent restrictions on cryptocurrencies. The publication has earmarked 2.813 million Yuan ($390,000) for a third-party contractor to create this platform, opening the opportunity to both Chinese and foreign blockchain specialists. The blockchain’s mainnet should support over 10,000 transactions per second.

The ambitious project is intended to enhance the global influence of Chinese civilization, leveraging technologies including metaverse, VR (virtual reality), AR (augmented reality), blockchain, NFTs, big data, and cloud computing. The NFT platform will facilitate the management, display, and uploading of various digital collections, incorporating pricing, bidding, and limited-time functions. It will also support multi-currency settlements.

Although China has implemented a comprehensive ban on cryptocurrency transactions, China Daily’s NFTs may potentially be available on renowned international platforms like OpenSea and Rarible. This initiative underscores the complex and evolving stance towards digital assets and blockchain technology in China, illustrating a nuanced approach beyond the broad cryptocurrency prohibition.

The move by a government-affiliated entity into the NFT space could herald a new chapter in China’s engagement with digital assets, blending cultural promotion with cutting-edge technology.