Chinese State Newspaper to Launch NFT Platform

China Daily suggests that digital collectibles sold on its platform could potentially be available on platforms like OpenSea and LooksRare.

China Daily, an English-language newspaper owned by the Publicity Department of the Communist Party of China, is setting its sights on establishing its own metaverse and non-fungible token (NFT) platform.

According to a recent announcement, China Daily will allocate 2.813 million yuan (approximately $390,000) to an external contractor capable of crafting the NFT platform within the set budgetary specifications. The contractor can be “either Chinese or foreign” and must have expertise in blockchain, as stated by China Daily. Moreover, the mainnet of the winning blockchain company should be equipped to handle over 10,000 transactions per second.

Contractors have until October 17th to submit their applications and are expected to design the platform within a three-month timeframe. The primary aim of China Daily’s NFT Platform is to “enhance the dissemination of Chinese Civilization’s influence” using mediums like the “metaverse, virtual reality (VR), augmented reality (AR), mixed reality (MR), blockchain, irreplaceable digital assets (NFT), big data, cloud computing, and other technologies.”

Developers specified that the platform should allow for “uploading, displaying, and managing digital collections and support multimedia formats and various types of collections.” Additionally, pricing, auctioning, and time-limiting functionalities should be integrated into the NFT platform, along with multi-currency settlement capabilities.

“Apart from its own platform, based on project objectives and target audiences, suitable domestic and foreign NFT platforms will be selected to issue NFT digital collections. Foreign platforms include, but are not limited to, OpenSea, Rarible, SuperRare, Foundation, and others.” China has banned all forms of cryptocurrency transactions since 2021. Although some blockchain entities still operate within the country, they often face intense scrutiny from the authorities.