China Daily, a newspaper in English controlled by the Publicity Department of the Chinese Communist Party, is about to venture into the world of non-fungible tokens (NFTs) and the metaverse. The newspaper has pledged $390,000 for the launch of its own NFT platform and metaverse, as per a recent announcement.
The project is intended to serve four key objectives: 1) the construction of the Central Daily Data collection issuance platform, 2) promotion and creative development of domestic NFT collections, 3) the advancement of augmented and virtual reality technologies, and 4) the conceptualization and development of a metaverse space. Blockchain firms, both domestic and foreign, are invited to bid for the project, but they need to demonstrate that their mainnet can handle 10,000 transactions per second, indicating China Daily’s focus on scalability for its NFT marketplace and the metaverse.
The China Daily NFT platform is set to feature pricing, bidding, and limited-time functions, along with multi-currency settlement. In time, China Daily may feature NFT collections for foreign marketplaces, including OpenSea, Rarible, SuperRare, and Foundation. The underlying goal of this endeavor appears to be to enhance the expanse of Chinese culture via the use of NFTs and the metaverse.
Cryptocurrency trading is still banned in China, but the country seems to be slowly changing its tune concerning Web3 technology. For instance, three weeks ago, China approved the use of NFT and metaverse trademarks for the first time. A couple of months ago, it discussed implementing its controversial Social Credit System into the metaverse, a move aiming to monitor and reprimand citizens spreading rumors about the country in virtual worlds. And eight months ago, China’s Instagram-equivalent, Little Red Book, integrated NFT technology through a blockchain named Conflux, enabling users to display NFTs on their profile page.
Despite cryptocurrency transactions being banned in the country, some blockchain entities operate within the national borders, usually under government scrutiny. The turn in China’s stance towards Web3 technology might signify a shift in its policies, though concerns about its heavy-handed stance continue to persist. As China continues to grapple with this technological revolution, it is crucial to monitor how it will shape the freedoms and functionalities of the Web3 space.