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China Daily, an English-language newspaper owned by the Publicity Department of the Chinese Communist Party, is developing its own metaverse and non-fungible token (NFT) platform.
According to a recent announcement, China Daily is awarding a contract worth 2.813 million yuan ($390,000) to a third-party contractor capable of designing the NFT platform within specified budget constraints. The contractor can be either a Chinese or foreign firm specializing in blockchain technology, as stated by China Daily. Additionally, the mainnet of the winning blockchain firm must be capable of processing more than 10,000 transactions per second.
Contractors have until October 17 to submit their applications and design the platform within three months. The goal of the China Daily NFT Platform is to “improve the spread of the influence of Chinese Civilization” through technologies such as the metaverse, virtual reality (VR), augmented reality (AR), mixed reality (MR), blockchain, irreplaceable digital assets (NFTs), big data, and cloud computing.
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Developers specified that the platform must allow users to “upload, display, and manage digital collections,” supporting various multimedia formats and multiple collection types. The platform will also integrate pricing, bidding, limited-time features, and multi-currency settlement options.
“In addition to its own platform, based on the project goals and audience groups, domestic and overseas mainstream NFT platforms suitable for issuing digital collections will be selected to issue NFT digital collections. Foreign platforms include but are not limited to OpenSea, Rarible, SuperRare, Foundation, etc.”
China has banned all forms of cryptocurrency transactions since 2021. Although some blockchain entities continue to operate within the country, they often face intense scrutiny from law enforcement officials.
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