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Government-backed newspaper China Daily to launch NFT platform 

TL;DR

  • China Daily, a government-owned newspaper, plans to create a metaverse and NFT platform, investing 2.813 million Yuan ($390,000) for its design.
  • Aimed at promoting Chinese Civilization, the platform will encompass VR, AR, blockchain, and big data, with a capacity of over 10,000 transactions per second.
  • Despite China’s crypto restrictions since 2021, this venture into digital collectibles and blockchain technology signifies a notable deviation, hinting at partnerships with global NFT platforms like OpenSea and Rarible.

China Daily, a reputable English-language newspaper steered by the Publicity Department of the Chinese Communist Party, is stepping into the digital frontier by initiating a project aimed at creating its own metaverse and non-fungible tokens (NFT) platform. 

The project, officially named the Yuan Universe Industry Product Research and Construction Project, is set to be a significant stride towards blending traditional media with emerging digital technologies. Additionally, the project aims to explore the potential of blockchain, augmented reality (AR), virtual reality (VR), and the metaverse.

Unfolding the project’s blueprint

According to a recent announcement, China Daily is setting aside 2.813 million Yuan ($390,000) for a third-party contractor tasked with designing the NFT platform known as the China Daily NFT within the budget specifications. The meticulous outline of the project also extends to the qualification requirements for applicants, ensuring a thorough vetting process in alignment with the Government Procurement Law of the People’s Republic of China and other relevant regulations. Moreover, the project explicitly does not accept consortium bidding, keeping the competition arena open yet stringent.

According to the disclosed information, interested bidders can obtain the bidding documents off-site and are required to submit them within the stipulated timeframe. The project also supports the development of small and medium-sized enterprises, promoting employment of the disabled and encouraging energy-saving and environmental protection products, reflecting a holistic approach towards societal development.

The project is open to either Chinese or foreign firms specializing in blockchain. Moreover, the winning blockchain firm’s mainnet must have the capacity to handle about 10,000 transactions per second.

Contractors are earmarked to submit their applications by October 17, with a timeline of three months post-selection to design the platform. The NFT Platform aims at “improving the spread of the influence of the Chinese Civilization” using various digital technologies. These include the metaverse, VR, AR, blockchain, irreplaceable digital assets (NFT), big data, and cloud computing.

Significantly, developers have outlined that the platform should support “uploading, displaying, and managing digital collections” while accommodating various multimedia forms and collection types. Additionally, essential features like pricing, bidding, and limited-time functions are to be integrated alongside multi-currency settlement functionalities.

Beyond its platform, the project aims to collaborate with both domestic and overseas mainstream NFT platforms, such as OpenSea, Rarible, SuperRare, Foundation, etc., to issue digital collections

This bold move comes amidst China’s stern stance against cryptocurrency transactions since 2021. However, some blockchain entities continue to operate, albeit under close scrutiny from law enforcement officials.

The unfolding narrative of China Daily’s digital venture is a testament to blending conventional media and modern digital technologies, setting a tangible precedent in this digital age. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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