Chinese Newspaper Investing 2.8 Million Yuan in Designing the Platform
China Daily, an English-language newspaper owned by the Publicity Department of the Chinese Communist Party, has announced its plans to create its own metaverse and nonfungible tokens (NFTs) platform. The project aims to promote and spread the influence of the Chinese Civilization using technologies such as the metaverse, virtual reality (VR), augmented reality (AR), mixed reality (MR), and blockchain.
2.8 Million Yuan Budget for Designing the NFT Platform
According to the announcement, China Daily is allocating 2.813 million Yuan ($390,000) to a third-party contractor to design the NFT platform. The contractor, whether Chinese or foreign, must specialize in blockchain and build a mainnet capable of handling over 10,000 transactions per second. The deadline for submissions and platform design is October 17, with a three-month timeframe for completion.
Platform Requirements and Functionality
The China Daily NFT Platform must support uploading, displaying, and managing various types of digital collections and multimedia formats. Additionally, the platform should include features for pricing, bidding, limited-time functions, and multi-currency settlement. Alongside its own platform, China Daily plans to collaborate with domestic and international NFT platforms, such as OpenSea, Rarible, SuperRare, and Foundation, for issuing digital collections.
China's Cryptocurrency Ban and Blockchain Scrutiny
It is important to note that China has prohibited all forms of cryptocurrency transactions since 2021. While some blockchain entities still operate in the country, they often face strict scrutiny from law enforcement officials.
