China’s State News Agency Is Issuing NFTs Amid a Countrywide Cryptocurrency Crackdown
China’s official news agency will launch a series of digital collectibles this week in response to the government’s ongoing assault on cryptocurrency.
The “digital news collectibles” will be created from selected Xinhua News Agency photographic pieces published this year. Xinhua joins a growing list of news organisations that have begun commemorating historical events on the blockchain.
The Trust Project is a global partnership of news organisations dedicated to developing transparency standards. This week, China’s official news agency will release many digital collectibles. This is occurring in the midst of the country’s ongoing crackdown against cryptocurrency.
The “digital news collectibles” will be created from selected Xinhua News Agency photographic pieces published this year. “This is a one-of-a-kind year-end evaluation,” Xinhua said. “Moreover, it is metaverse-based digital memory.”
The statement indicates that the collection will include 11 distinct items. Each will be limited to 10,000 first edition copies. This is in addition to the limited-edition special edition. After its December 24 premiere, the collection will be accessible for free.
China has been cracking down on private cryptocurrency operations like as trade and mining for a year. Its goal is to attain blockchain dominance within the next five years. Chinese authorities have not formally prohibited the use of non-fungible tokens (NFTs). However, they exist in a murky region that invites unwelcome attention. Chinese media sources, for their part, have cautioned against “blind speculation” in NFTs.
Tencent Holdings Ltd. and Ant Group Co. seem to have received tacit consent to pursue blockchain-related initiatives. For example, both companies have issued non-fungible tokens on their own blockchain systems. This is despite the fact that it is strictly regulated. The “digital news collectibles” of China’s official news agency will be built on the Tencent Cloud blockchain technology. They will be integrated with unique identifiers and ownership information.
China’s official news agency is not alone in its investigation of NFTs. Xinhua joins the ranks of other news organisations in stating that the digital artefacts have “unique commemorative significance and collector value.” They, too, have begun using the blockchain to commemorate historical events. The Associated Press sold its first NFT earlier this year. It celebrated the first time in November 2020 that a US election was called on a blockchain. AP eventually auctioned NFTs of its most famous pictures to honour its 175th anniversary. The New York Times sold an NFT of an essay on NFTs for $560,000 in a particularly meta release.