China Daily Allocates $390,000 for New NFT Platform
The Chinese Communist Party-controlled newspaper, China Daily, has set aside 2.813 million Yuan ($390,000) to develop a new NFT platform. The platform will be built by a third-party contractor specializing in blockchain technology and must have the capability to handle over 10,000 transactions per second. The main objective of the platform is to enhance the global impact of Chinese Civilization by integrating technologies such as the metaverse, VR, AR, mixed reality, blockchain, NFTs, big data, and cloud computing.
Enhancing Global Reach with NFTs
In addition to its own platform, China Daily plans to collaborate with domestic and international mainstream NFT platforms like OpenSea, Rarible, SuperRare, and Foundation to issue digital collections. This strategy aims to expand the reach and accessibility of their digital collections to a global audience despite the strict regulations imposed on blockchain entities in China.
Tight Schedule Amidst Stringent Regulations
The chosen contractor for the NFT platform must submit their application by October 17 and complete the development within three months. This demonstrates the urgency and significance attached to the project by China Daily. However, it’s important to note that this initiative comes at a time when cryptocurrency transactions are prohibited in China and blockchain entities face rigorous scrutiny from law enforcement.
Hot Take: Breaking Barriers with Chinese Culture in NFTs
China Daily’s investment in a new NFT platform highlights the country’s recognition of the potential of blockchain technology and its desire to leverage it for cultural impact. By blending technology with culture through NFTs, China aims to enhance its global influence and reach. Despite regulatory challenges, this move showcases China’s determination to explore and embrace the opportunities presented by blockchain and NFTs.
By
By
By
By
By