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China’s state-run news agency to launch NFT collection

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China’s official Xinhua News Agency said on Wednesday that the country’s first series of nonfungible token (NFT) collectibles would be released. The decision represents a vote of confidence in blockchain technology, which the People’s Republic of China had previously dismissed (PRC). Xinhua wants to print 10,000 copies of 11 images shot by journalists in 2021, according to an official announcement.

Given recent events in the world’s second-largest economy, the acceleration towards NFTs is perplexing. Following a statewide crypto crackdown that prohibited Bitcoin (BTC) and Ether (ETH) mining, China is now demanding that NFTs and metaverses be closely under control. Despite the anti-crypto sentiment, tech behemoths Tencent and Huawei have pursued metaverse trademarks.

In other news, numerous websites in Beijing, including ChainNews, went offline in early December. As part of a broader anti-crypto blitz. Instead of focusing on establishing communities on Twitter and Telegram, Chinese crypto media kept a low profile on their websites.

ARTIFACT

Surprisingly, this isn’t the country’s first foray into non-ferrous metals. The South China Morning Post established a series of NFTs utilising a new token standard called “ARTIFACT” meant to protect historical assets on the blockchain during “DeFi Summer 2.0.” The SCMP, however, headquartered in Hong Kong. As a result, the publication enjoys greater autonomy as well as Hong Kong’s well-known executive, legislative, and independent judicial power.

Hong Kong is no stranger to blockchain technology or the production of non-fungible tokens (NFTs). Pro-Hong Kong activists were successful in archiving articles from a pro-democracy publication in Hong Kong onto the blockchain in June of this year. ARWeave, a prominent blockchain storage platform supported by Andreessen Horowitz, was in use to upload over 4,000 Apple Daily articles.

Finally, does Xinhua’s issuance of NFTs imply a move toward blockchain adoption? Chinese NFT proponents’ trading operations are currently limited. The only currency available to NFT fans is the renminbi. Which cannot be for resale once purchased. Given China’s primarily anti-crypto attitude in 2018, additional proof of the PRC’s movements into the blockchain area is vital.

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