Chinese Government-Owned Newspapers Will Create NFT And Metaverse Platforms

The Chinese government-owned newspaper plans to launch an NFT. (Photo; Doc. BTC Echo)

JAKARTA - China Daily, a Chinese state-owned newspaper, announced its plans to create a metaverse and nonfungible token (NFT) platform. This English-language publication, which is owned by the Chinese Communist Party's Department of Publicity, has offered 2,813 million yuan (around Rp6 billion) to third-party contractors capable of designing the NFT platform in accordance with their terms.

According to the latest announcement, China Daily wishes to collaborate with blockchain companies, both from China and abroad. One of the prerequisites is that the company's mainnet must be able to handle more than 10,000 transactions per second.

The deadline for submitting proposals for interested contractors is set on October 17. After that, they will have three months to design the platform.

China Daily's goal of creating an NFT platform is to "enhanced the spread of the influence of Chinese Civilization" through technologies such as metaverse, virtual reality (VR), augmented reality (AR), mixed reality (AR), and Blockchain, irreplaceable digital assets (NFT), big data, cloud computing, and other technologies.

The platform's specifications include support for pricing, offering, finite-time functions, and multi-currency settlement. This platform should also allow users to "upload, display, and manage digital collections as well as support multimedia forms and various types of collections."

According to the announcement, collectibles sold on this platform can also be linked to major platforms such as OpenSea and Rarible.

Previously, China had banned cryptocurrency transactions in any form since 2021, the country has promoted the use of digital yuan as part of a central bank digital currency (CBDC) trial. Although some blockchain companies are still operating in the country, they must comply with strict regulatory oversight of local regulators.