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China Daily, affiliated with the Publicity Department of the Chinese Communist Party, has announced plans to develop its own metaverse and NFT platform.
China Daily, a prominent English-language newspaper under the ownership of the Publicity Department of the Chinese Communist Party, has expressed its intention to venture into the world of non-fungible tokens (NFTs) and metaverse.
Revealed in a recent <a href="http://www.ccgp.gov.cn/cggg/zygg/gkzb/202309/t20230925_20768340.htm" data-type="link" data-id="http://www.ccgp.gov.cn/cggg/zygg/gkzb/202309/t20230925_20768340.htm" target="_blank" rel="noopener noreferrer nofollow">disclosure</a>, the publication is earmarking 2.813 million Yuan (equivalent to $390,000) for a competent third-party contractor that can bring its envisioned NFT platform to life, keeping in tune with their budgetary constraints.
While many might assume a preference for domestic expertise, China Daily welcomes both domestic and international blockchain specialists. The stipulation for the chosen <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="noopener noreferrer nofollow">blockchain firm’s mainnet</a> is that it must possess the prowess to manage 10,000 transactions each second.
Prospective contractors will race against time, with an October 17 deadline to submit their applications. Once onboard, a three-month timeframe awaits them to manifest the platform. China Daily’s NFT Platform aspires to amplify the reach and resonance of Chinese civilization, according to the publication.
You might also like: <a href="https://crypto.news/chinas-first-national-nft-marketplace-set-to-launch-next-week/" rel="noopener noreferrer nofollow"> China’s first national NFT marketplace set to launch next week </a>
The platform will harness a confluence of cutting-edge technologies – from the realms of virtual reality, augmented reality and mixed reality to the transformative capabilities of blockchain, <a href="https://nft.news/?utm_source=crypto.news&amp;utm_medium=referral" data-type="link" data-id="https://nft.news/?utm_source=crypto.news&amp;utm_medium=referral" rel="noopener noreferrer nofollow">NFTs</a>, big data, and cloud computing.
The platform blueprint mandates support for a broad spectrum of functionalities – from uploading, showcasing, and managing diverse digital collections to embedding pricing, bidding, and limited-time features. Moreover, the envisaged infrastructure will facilitate transactions in multiple currencies.
Expanding the platform’s reach, digital collections may also find a home on leading international <a href="https://crypto.news/nfts-will-move-away-from-crypto-opensea-ceo-suggests/" data-type="link" data-id="https://crypto.news/nfts-will-move-away-from-crypto-opensea-ceo-suggests/" rel="noopener noreferrer nofollow">NFT platforms</a> such as OpenSea, Rarible, and SuperRare.
While China <a href="https://crypto.news/learn/china-crypto-bans-a-complete-history/" data-type="link" data-id="https://crypto.news/learn/china-crypto-bans-a-complete-history/" rel="noopener noreferrer nofollow">clamped down</a> on crypto transactions back in 2021, blockchain enterprises continue to exist, albeit under the vigilant eyes of the country’s law enforcement agencies.
Read more: <a href="https://crypto.news/nearly-95-of-nfts-are-now-worthless-report-says/" rel="noopener noreferrer nofollow"> Nearly 95% of NFTs are now worthless, report says </a>

NFT platform will launch for Chinese government-owned newspaper

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