Chinese Government-Owned Newspaper Launches NFT Platform on Web 3.0 and Metaverse

China Daily Joins Crypto Revolution

China Daily, the English-language newspaper owned by the Publicity Department of the Chinese Communist Party, is looking to make a splash in the crypto world with its own metaverse and nonfungible tokens (NFTs) platform. The company is offering 2.813 million Yuan ($390,000) to a third-party contractor to design the platform in accordance with its budget specifications. The contractor can be “either a Chinese or foreign” firm with expertise in blockchain technology, with the mainnet capable of handling up to 10,000 transactions per second. The deadline for applications is October 17, with the platform design expected to be completed within three months.

China Daily’s NFT platform aims to “improve the spread of the influence of the Chinese Civilization” through the use of the metaverse, virtual reality (VR), augmented reality (AR), mixed reality (AR), Blockchain, irreplaceable digital assets (NFT), big data, cloud computing and other technologies. The platform must allow users to upload, display, and manage digital collections, with support for multimedia forms and multiple collection types. Additionally, pricing, bidding, and limited-time functions must be integrated, as well as multi-currency settlement.

Since 2021, China has prohibited all forms of cryptocurrency transactions. Although some blockchain entities are still functioning in the country, they often come under close scrutiny from law enforcement. AI Anchor China and AI China are two of the big players in the crypto space, despite the crypto ban, while crypto mining is still a big part of the metaverse vs web 3.0 and web 3.0 and metaverse.