China Daily Funds $390K for NFT Innovation

China Daily Funds $390K for NFT Innovation

China Daily, under the guidance of the Publicity Department of the Chinese Communist Party, has allocated a substantial sum of 2.813 million Yuan (approximately $390,000) for the creation of a new NFT (Non-Fungible Token) platform. This ambitious project aims to leverage cutting-edge technologies and culture to enhance the global influence of Chinese Civilization. The announcement specifies that a third-party contractor, whether domestic or international, with expertise in blockchain technology, will be entrusted with the development of this platform. Furthermore, the selected blockchain firm must have a mainnet capable of managing over 10,000 transactions per second, ensuring robust performance and reliability.

Fusing Technology and Culture in the Metaverse

The platform’s capabilities will extend to the uploading, display, and management of digital collections, accommodating multimedia formats and diverse collection types. It will incorporate features such as pricing mechanisms, bidding systems, limited-time functions, and multi-currency settlement to provide users with a comprehensive and engaging experience.

The primary objective of the China Daily NFT Platform is to amplify the global impact of Chinese culture and heritage. To achieve this goal, a multi-faceted approach will be adopted, blending various technologies, including the metaverse, virtual reality (VR), augmented reality (AR), mixed reality, blockchain, NFTs, big data, and cloud computing.

Expanding Global Reach Through Collaboration

China Daily’s vision extends beyond its proprietary platform. The organization intends to collaborate with both domestic and international mainstream NFT platforms to release digital collections. Notable international platforms such as OpenSea, Rarible, SuperRare, and Foundation are among the potential partners. This strategic move is expected to broaden the accessibility and reach of China Daily’s digital collections, making them available to a global audience. It’s a remarkable endeavor, considering the rigorous regulatory environment that blockchain entities face within China.

Tight Schedule Reflects Project’s Significance

The contractor responsible for developing this innovative platform is required to submit their application by October 17, with a tight timeline of three months for completion. This sense of urgency underscores the project’s importance in the eyes of China Daily and the Chinese Communist Party.

Navigating Stringent Cryptocurrency Regulations

It is important to acknowledge that this initiative unfolds within the backdrop of 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 agencies. Recent events, such as the detention of former executives from China Evergrande, Xia Haijun, and Pan Darong, for their alleged involvement in fraudulent activities, underscore the strict regulatory landscape in China.

As China Daily ventures into the world of NFTs and blockchain technology, it faces a complex landscape of regulatory challenges, but it also seeks to harness these technologies to promote and share Chinese culture with the world, opening new avenues for global engagement and understanding.

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Victor Dsouza is Crypto Journalist. He is keen to write about crypto tokens, crypto presale, you can follow him on twitter and LinkedIn.

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