China's Government-Owned Newspaper to Venture into the Metaverse and Create NFT Platform to Showcase Chinese Culture

China Daily, an English-language newspaper that is under the control of the Publicity Department of the Chinese Communist Party, has expressed its intentions to establish its unique metaverse and nonfungible tokens (NFTs) platform.

As per a recent announcement, China Daily has allocated a sum of 2.813 million Yuan (equivalent to $390,000) for a third-party contractor who can develop the NFT platform according to their specified budget requirements.

China Daily has indicated that this contractor can be either a Chinese or foreign company with expertise in blockchain technology.

Additionally, the blockchain firm that ultimately secures the contract must have the capacity to process more than 10,000 transactions per second on its mainnet.

Interested contractors have until October 17 to submit their proposals and must complete the platform's design within a three-month timeframe.

The objective of the China Daily NFT Platform is to enhance the global influence of Chinese culture through various means such as the utilization of the metaverse, virtual reality (VR), augmented reality (AR), mixed reality (MR), and Blockchain. This would involve the creation of irreplaceable digital assets known as NFTs, along with the utilization of big data, cloud computing, and other advanced technologies.

The developers have outlined that the platform should offer features like the ability to upload, display, and manage digital collections in various multimedia formats and support multiple types of collections. Furthermore, the NFT platform should incorporate functions such as pricing, bidding, and time-limited offerings, along with the capability for handling transactions in multiple currencies.

In addition to creating its own platform, China Daily plans to collaborate with mainstream NFT platforms, both domestically and internationally, that are suitable for issuing digital collections based on project goals and target audiences. These foreign platforms may include but are not limited to platforms like OpenSea, Rarible, SuperRare, and Foundation, according to Cointelgraph.

It's worth noting that China has banned all forms of cryptocurrency transactions since 2021. Despite this ban, some blockchain-related entities continue to operate within the country but often face stringent scrutiny from law enforcement authorities.