October 10, 2023

Chinese Newspaper Plans To Launch Its Metaverse, NFTs Platform

China Daily

China Daily

China Daily, an English-language newspaper owned by the Publicity Department of the Chinese Communist Party, is planning to launch its metaverse and NFTs platform.

Per their announcement, the newspaper is allocating 2.813 million Yuan ($390,000) to a third-party contractor that can develop the NFT platform within the specified budget. The contractor can be of Chinese or foreign origin with blockchain expertise.

Moreover, the winning blockchain firm’s mainnet should be able to handle over 10,000 transactions per second. The deadline for contractors to submit their application and design the platform is October 17, with three months given for the platform’s development.

The China Daily NFT Platform aims to promote the influence of Chinese Civilization further by utilizing various technologies such as the metaverse, virtual reality (VR), augmented reality (AR), mixed reality (AR), and Blockchain, irreplaceable digital assets (NFT), big data, cloud computing, among others.

Developers stated that the platform must support uploading, displaying, and managing various digital collections, multimedia formats, and collection types. The NFT platform must also integrate pricing, bidding, limited-time functions, and multi-currency settlement.

“In addition to its 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,” the developers added.

Since 2021, all forms of cryptocurrency transactions have been banned in China. Despite this, some blockchain entities continue to operate in the country but are often closely monitored by law enforcement officials.

According to a new report, the metaverse industry in China is flourishing as it is expected to hike by about 40% this year. According to a recent report by Research and Market, the world’s largest market research store, on the Chinese metaverse market and its future, the metaverse industry in China is predicted to increase by 39.5% on an annual basis to reach $1,06,102.8 million in 2023.

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