China Daily Plans to Build its Own Metaverse and NFT Platform
China Daily, a prominent English-language newspaper owned by the Publicity Department of the Chinese Communist Party, has announced plans to allocate 2.813 million Yuan ($390,000) to develop its own metaverse and a non-fungible tokens (NFT) platform.
The media outlet has called for a public tender, inviting domestic and international blockchain firms to submit proposals before October 17. The selected contractor will have three months to bring the platform live.
The platform aims to support multimedia and other types of collections, with features such as pricing and bidding, limited-time offers, and multiple currency support for settlements.
Key Aspects of the Project
The project consists of four key service components:
1. The construction of China Daily’s “Digital Collection Issuance Platform”
2. Domestic and international creative development and promotion of NFT digital collectibles
3. Development and promotion of AR and VR content
4. Conceptualization, development, and promotion of creative spaces within the metaverse
It is important to note that joint bids are not accepted, and companies must apply individually.
The Rising Interest in Metaverse and NFTs
This ambitious plan by China Daily comes at a time when global interest in metaverse and NFT technologies is growing rapidly. A report from blockchain analytics firm Nansen predicts a market capitalization of $80 million by 2025 for NFTs.
Hot Take: China Daily Explores New Frontiers in Journalism with Metaverse and NFTs
China Daily’s initiative to build its own metaverse and NFT platform showcases the newspaper’s recognition of the importance of these technologies in shaping the future of journalism and content. By embracing the metaverse, China Daily aims to provide a robust and reliable platform for multimedia collections, while NFTs offer unique opportunities for creative development and promotion. As interest in these technologies continues to grow globally, China Daily’s investment highlights the newspaper’s commitment to staying at the forefront of innovation in media.
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