China Daily and Ant Group Launch NFT Platform to Advance Web3 Space in China

Image: Shutterstock

China Daily, an English-language newspaper owned by the Publicity Department of the Chinese Communist Party, is partnering with Alibaba-backed company Ant Group to launch a Non-Fungible Tokens (NFT) platform. The platform will facilitate NFT buying and selling on the blockchain.

According to the announcement, the publication has earmarked 2.813 million Yuan (equivalent to $390,000) to commission a third-party contractor capable of designing the NFT platform. 

China Daily has indicated that the contractor for the NFT platform can either be a Chinese or foreign firm, specialising in blockchain. 

The goal of the China Daily NFT Platform is to enhance the influence of Chinese civilisation by using advanced technologies like the metaverse, virtual reality (VR), mixed reality (MR), blockchain, NFTs, big data, cloud computing, augmented reality (AR) and more.

The publication has released a set of guidelines and requirements they expect their contractors to meet. The platform must support transactions such as sale, auction, and consignment of digital collections to promote the circulation of digital cultural assets. To ensure high-quality service, the platform must be capable of handling 10,000 transactions per second (i.e., TPS of 10,000).

The platform must allow uploading, displaying, and managing digital collections while supporting multimedia forms and multiple collection types. 

China Daily mentioned digital collectibles available on the platform could connect with other NFT platforms such as OpenSea and LooksRare. Additionally, the blockchain platform must be designed to align with reliability, stability, environmental protection, and transparency standards while offering cross-chain capabilities. The platform should prioritise protecting user data and digital assets while ensuring security and compliance. Additionally, the platform should provide users a user-friendly and responsive experience. 

The Chinese government has been critical of cryptos but has recently taken a more open-minded approach. A few weeks ago, a court in Shanghai recognised Bitcoin as a distinctive digital asset and asserted that individuals who own Bitcoin could pursue legal action to resolve crypto-related disputes.

The NFT platform by China Daily is expected to be launched in the near future. Once developed, it would represent a significant milestone for the country in the crypto and web3 space.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash