China’s official news agency, Xinhua, will publish an NFT collection of photographs depicting historical moments from the past year. The initiative, which takes place amid an ongoing crypto crackdown, is seen as a boost to blockchain, the technology that underpins cryptocurrencies as well.
Xinhua creates digital collectibles based on photo reports
The state-run Chinese news agency Xinhua is preparing to release a digital collection of photographic news reports from 2021. The selection of 11 photos, each limited to 10,000 copies, will be published on December 24th. It is issued free of charge via Xinhua’s messaging app, which uses non-fungible tokens (NFT) Technology, the agency said, quoted by Bloomberg and Reuters.
The collection, which includes a photo commemorating the 100th anniversary of the Chinese Communist Party, will “imprint digital memories on the metaverse,” Xinhua noted. Euronews notes that Beijing-controlled media has historically described virtual reality space as “an illusionary concept”.
The shares of Chinese companies in the space, such as Goertek and Perfect World, rose on Wednesday. Companies like social media giant Tencent Holdings and Ant Group have previously issued NFTs on their blockchain platforms. Beijing is expected to allow the Metaverse to operate under national rules, according to a statement from Tencent in November.
While NFTs in particular have not yet been targeted, this year the Chinese government reiterated the far-reaching restrictions on cryptocurrencies originally imposed in 2017, and coin offers were banned.
Bitcoin mining, which was left alone until this spring, turned into one Take action which began following a decision by the State Council in May. A few days ago, a state-controlled industry organization blacklisted Short videos on crypto that are shared online in the People’s Republic.
The digital collection, which Xinhua called “a unique year in review”, will be published on a blockchain from Tencent Cloud. The NFTs will have unique identification and ownership information, the agency noted, while highlighting their “special memory and collection value.”
Do you think other Chinese organizations will issue NFTs? Do share your expectations in the comments section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Source: Crypto News Austria