China Daily, an English-language newspaper owned by the Publicity Department of the Chinese Communist Party, has unveiled plans to enter the metaverse and nonfungible tokens (NFTs) space by launching its own NFT platform. In a recent announcement, China Daily revealed that it is offering a generous sum of 2.813 million Yuan (equivalent to $390,000) to a third-party contractor tasked with designing this NFT platform within certain budgetary constraints.
The eligibility for potential contractors is broad, as they can be either Chinese or foreign firms with expertise in blockchain technology. However, one significant technical requirement is that the selected contractor’s blockchain mainnet must be capable of handling a substantial transaction load of over 10,000 transactions per second.
![Chinese State Media to Launch NFT Platform image 55](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-55.png?resize=967%2C840&ssl=1)
![Chinese State Media to Launch NFT Platform image 55](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-55.png?resize=967%2C840&ssl=1)
![Chinese State Media to Launch NFT Platform image 56](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-56.png?resize=679%2C597&ssl=1)
![Chinese State Media to Launch NFT Platform image 56](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-56.png?resize=679%2C597&ssl=1)
Interested contractors have until October 17th to submit their applications, and once chosen, they will have three months to develop the China Daily NFT Platform. The primary objective of this platform is to enhance the dissemination of Chinese culture through various technologies, including the metaverse, virtual reality (VR), augmented reality (AR), mixed reality (MR), blockchain, nonfungible tokens (NFTs), big data, cloud computing, and more.
The NFT platform must support a range of features, including the ability to upload, display, and manage digital collections, as well as accommodate various multimedia formats and collection types. Additionally, the platform should include functionality for pricing, bidding, and limited-time offerings, along with multi-currency settlement options.
In a notable move, China Daily’s NFT platform is not limited to hosting its own content. It plans to collaborate with domestic and overseas mainstream NFT platforms suitable for issuing digital collections. While the announcement mentions several potential foreign platforms like OpenSea, Rarible, SuperRare, and Foundation, it is clear that China Daily is open to partnerships with other platforms as well.
It’s important to note that China has banned all forms of cryptocurrency transactions since 2021. Despite the ban, blockchain-related entities in the country continue to operate under strict regulatory scrutiny.
ALSO READ
- China's Social Credit System Could Be Coming to the Metaverse
- German intelligence agency uses NFTs to recruit cyber talent
- Canada to Develop Centralized Repository for Storing Seized Crypto and NFTs