China Daily Allocates $390,000 for New NFT Platform Development

Maxwell Mutuma
October 10, 2023
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China Taps on Conflux to Launch Blockchain Project for Belt and Road Initiative

China Daily, steered by the Publicity Department of the Chinese Communist Party, has earmarked a substantial 2.813 million Yuan ($390,000) to create a new NFT platform. The announcement specifies that a third-party contractor, either a domestic or international firm specializing in blockchain technology, will develop the platform. Moreover, the mainnet of the chosen blockchain firm must demonstrate the capability to manage over 10,000 transactions per second, ensuring robust performance and reliability.

Blending Technology and Culture in Metaverse

The primary objective of the China Daily NFT Platform is to enhance the global impact of Chinese Civilization. The strategy will integrate various technologies, including the metaverse, VR, AR, mixed reality, blockchain, NFTs, big data, and cloud computing, to achieve this.

Additionally, the platform will facilitate the uploading, displaying, and managing digital collections, supporting multimedia forms and multiple collection types. Furthermore, it will incorporate pricing, bidding, limited-time functions, and multi-currency settlement to ensure a comprehensive user experience.

China Daily Expands NFT Global Reach

Besides its platform, China Daily plans to engage with both domestic and international mainstream NFT platforms to issue digital collections. This includes notable foreign platforms such as OpenSea, Rarible, SuperRare, and Foundation. Consequently, this strategy will likely enhance the reach and accessibility of their digital collections to a global audience, despite the stringent regulations and scrutiny faced by blockchain entities within China.

The contractor must submit their application for this innovative platform by October 17 and complete it within three months. Hence, this tight schedule underscores the urgency and significance attributed to this project by China Daily.

However, it is crucial to note that this initiative unfolds against stringent cryptocurrency regulations in China. Since 2021, all forms of cryptocurrency transactions have been prohibited in the country, and blockchain entities that continue to operate face rigorous scrutiny from law enforcement. Additionally, recent events, such as the detention of former executives from China Evergrande, Xia Haijun, and Pan Darong, for their alleged involvement in fraudulent activities, further highlight the strict regulatory environment in China.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.