Chinese News Agency Xinhua Announces NFTs Collection

2021-12-23 00:26:17
Crypto Forbbiden, NFTs Not?

Despite the ongoing war against crypto by the Chinese government, Xinhua still prepares to release its upcoming NFTs collection. This state-owned news agency wishes to issue a total of 11 photos as collectables.

In particular, each photo NFT will be limited to 10.000 copies. The collection drops on the 24th of December.

Moreover, the NFTs will be free of charge, and users will be able to claim their tokens via the agency’s official news app.

One of the most interesting photos of the collection is a non-fungible token that commemorates the 100 years anniversary of the Chinese Communist Party.

According to Xinhua, the idea with this NFTs collection is to ‘imprint digital memories into the metaverse’.

This is an interesting statement, since just a while ago, certain government-controlled news outlets in China, referred to the metaverse as an ‘illusionary concept’.

Despite this statement, there is a list of firms in China that already have experience with NFTs.

Some of these companies include Ant Group and Tencent Holdings. And both of these have already issued their NFTs collection, via their designated blockchain platform.

Government Controlled Metaverse

As a result, Tencent believes that Beijing will allow the metaverse to bloom, but under their own rules. Xinhua describes the upcoming NFTs collection as ‘a unique year-end review’.

For that matter, the Chinese new agency will use a blockchain from Tencent Cloud. According to Xinhua, each NFT will feature unique ownership info and special ID verification.

And as the agency further states, this will greatly increase their ‘special commemorative significance and collection value’.

It only remains to see whether the Chinese government will provide a clear distinction between what is legal, and what is not.

That is considering that both NFTs and crypto belong in the same technology category. And the fact that Xinhua is a government-owned agency, yet it will release its own NFTs collection.

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