UN approves NFT standard project led by Tencent

Chinese entertainment group Tencent has been approved by the United Nations to lead a project exploring the creation of a standard technical and security framework for non-fungible tokens (NFTs).

According to local media reports, the project is called "Technical Framework for DLT-Based Digital Collectibles Services" and will be the world's first NFT standard project approved by the United Nations.

The International Telecommunication Union (ITU), the UN's information and communications technology agency, approved the project, with an initial draft expected to be completed by the end of 2022, the South China Morning Post reported.

Currently, any recommendations made by the ITU are only mandatory and enforceable if countries adopt them as law.

"The international standard aims to clarify the technical architecture, technical process, functional requirements and security requirements of blockchain-based digital collections," Tencent wrote in a statement released on Tuesday.

"It helps to promote global recognition and consensus on the overall technical framework of digital collection services"

Meanwhile, the Chinese government is developing its own state-backed Blockchain Service Network (BSN).

This will help the Chinese government support the deployment of NFT projects that have nothing to do with cryptocurrencies, which were once again banned in September 2021.

Tencent will work with a number of other companies, including Alibaba's Ant Group, China Academy of Information and Communications Technology, Beijing University of Posts and Telecommunications, and Zhijiang Lab.

In China, NFTs are often referred to as "digital collectibles" to avoid criticism from anti-encryption media and the government. For this reason, Chinese NFT creators tend to avoid public or decentralized blockchains such as Ethereum or Solana, opting to create their collectibles on permissioned blockchains.

Despite China’s concerns about cryptocurrencies, it’s clearly very keen to explore potential use cases for blockchain technology.

Late last month, China announced the start of a national plan to accelerate blockchain development and innovation in key sectors, including manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal justice, inspections and cross-border finance.

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