Chinese Newspaper to Develop NFT Platform

China Daily, an English-medium publication under the auspices of the Publicity Department of the Chinese Communist Party, is keen on establishing its distinct metaverse and platform for nonfungible tokens (NFTs).

As per a recent disclosure, China Daily has set aside 2.813 million Chinese yuan (equivalent to $390,000) for an external contractor who can adeptly develop the NFT platform within the stipulated budgetary constraints. The newspaper indicates that the contractor could be from China or abroad, provided they have expertise in blockchain technology. Furthermore, the blockchain infrastructure of the selected firm should have the capacity to process over 10,000 transactions every second.

Contractors are given a deadline of Oct. 17 to present their proposals, with an expectation to develop the platform in a span of three months. The primary objective of the NFT platform by China Daily is to amplify the global impact of Chinese culture. This will be achieved by leveraging technologies like the metaverse, virtual reality (VR), augmented reality (AR), mixed reality (MR), blockchain, unique digital assets (NFTs), big data, and cloud computing.

Developers emphasized that the platform should facilitate the "uploading, displaying, and managing digital collections and supports multimedia forms and multiple collection types." The NFT platform should also incorporate features for pricing, auctioning, and time-sensitive offers, complemented by the ability to transact in multiple currencies.

“In addition to its own platform, based on the project goals and audience groups, domestic and overseas mainstream NFT platforms suitable for issuing digital collections will be selected to issue NFT digital collections. Foreign platforms include but are not limited to OpenSea, Rarible, SuperRare, Foundation, etc.”

Since 2021, China has prohibited any kind of cryptocurrency dealings. While certain blockchain organizations continue to function within the nation, they frequently encounter close monitoring by legal authorities.