Home News SCMP publishes a white paper for NFT standard built on Flow blockchain

SCMP publishes a white paper for NFT standard built on Flow blockchain

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Hong Kong’s English-language newspaper, the South China Morning Post (SCMP), has published a white paper for the new non-fungible token (NFT) standard called Artifact.

Thus, the publication plans to release the first collection of NFTs using the new standard.

Moreover, the initiative is aimed at preserving documentary photographs, illustrations. As well as data visualization and infographics. The structure of the artifact is based on the Flow blockchain. Also, the Dapper Labs team, developers of the NBA Top Shot NFT project, support Flow blockchain.

Look forward to inspiring other ‘guardians of history’

“Through our Artifact white paper, we look forward to inspiring other ‘guardians of history’; to share our vision of making history more discoverable, connected, and collectible”. Said Gary Liu, CEO of the newspaper, quotes CoinDesk.

Recall that in July, Alibaba-owned SCMP first revealed plans to tokenize the 118-year-old archive in the form of NFTs. It captures historical events in the city, since the publication founded in 1903.

“At launch, the ability to issue authenticated ‘ARTIFACTS’ will be available to a group of trusted partners. Who globally recognized owners and custodians of authentic historical treasures”, the message says.

The term “non-fungible token”

In the same month, the Chinese online store Taobao, part of the corporation, allowed the sale of NFT at its festival. NEAR Protocol project team has entered into a collaboration with Web3Games and Chinese artist Huang Heshan to implement NFT-“real estate”.

Against the background of increasing pressure on the cryptocurrency industry in China, technology giants Ant Group and Tencent distanced themselves from the term “NFT”.

Previously, collectible assets were not mentioned in the statements of the authorities. However, in September, state media warned citizens against buying NFTs due to a potential bubble in the sector. “Once market enthusiasm wanes and the hype cools, the value of these many strange NFTs will greatly decrease,” wrote reporter Wang Junhui.

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