China Daily Announces Plans To Develop Metaverse and NFT Platform

China Daily, a prominent English-language newspaper under the ownership of the Publicity Department of the Chinese Communist Party, is venturing into the world of non-fungible tokens (NFTs) and the metaverse. The publication has allocated 2.813 million Yuan (approximately $390,000) for a third-party contractor to develop its envisioned NFT platform, welcoming both domestic and international blockchain specialists to participate in the project.

The chosen blockchain firm must possess the capability to handle a significant volume, with a requirement to manage over 10,000 transactions per second. The tight timeline for this project is emphasised by the October 17 deadline for contractors to submit their applications, and once selected, they have three months to bring the platform to life.

The primary goal of the China Daily NFT Platform is to amplify the reach and resonance of Chinese civilization globally. To achieve this, the platform will leverage a combination of cutting-edge technologies, including virtual reality (VR), augmented reality (AR), mixed reality (MR), blockchain, NFTs, big data, and cloud computing.

The platform's functionalities are comprehensive, allowing users to upload, showcase, and manage diverse digital collections. It will support multimedia forms and various collection types, incorporating pricing, bidding, limited-time features, and multi-currency settlement to ensure a robust and user-friendly experience.

In an interesting expansion strategy, China Daily plans to collaborate with both domestic and international mainstream NFT platforms to issue digital collections. Notable foreign platforms like OpenSea, Rarible, SuperRare, and Foundation are mentioned as potential partners, indicating a global outreach for their digital collections despite the stringent regulatory environment for blockchain entities in China.

The urgency and significance attached to this project are highlighted by the tight schedule imposed on the contractors. However, it's crucial to acknowledge that this initiative unfolds against the backdrop of stringent cryptocurrency regulations in China. Since 2021, all forms of cryptocurrency transactions have been prohibited in the country, and blockchain entities operating there 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, further emphasise the strict regulatory environment in China. Despite these challenges, China Daily's foray into NFTs and the metaverse showcases the ongoing interest and exploration of new technologies, blending culture with the digital landscape.