The South China Morning Post (SCMP), a leading Hong Kong newspaper owned by Jack Ma’s Alibaba Group, has announced the launch of a collection of its own non-fungible tokens. The company’s transition to NFT comes at a time when more and more attention paid to digital assets.
Tokens will be issued through its own NFT platform “ARTIFACT”.
The project сalled “ARTIFACT” aims to present a collection of NFTs from the SCMP archives. 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.
“South China Morning Post committed to engaging and educating a global audience through information and technology”, commented Gary Liu, CEO of SCMP.
An environment where people can experience historic Hong Kong
According to the project’s whitepaper, its goal is to create a “standardized metadata structure” for tokenizing historical assets using the blockchain. To improve their searchability, collectability, and connectivity.
SCMP will tokenize its 118-year-old media archive to demonstrate the application of its standard.
One of the projects also includes a newspaper cover. It depicts an event of immense importance, namely the handover to China of Hong Kong, a former British colony on July 1, 1997.
Ultimately, SCMP will allow other institutions such as newspapers and museums to issue their own NFT on the platform.
Token standard is blockchain independent
The token standard will not depend on blockchain in the long run. However, SCMP has chosen several blockchains to start its project and unleash its capabilities. To reach a wider audience, she partnered with The Ethereum-based Sandbox, a subsidiary of blockchain startup Animoca Brands.
Speaking of the partnership, Liu told SCMP that it hoped that over time they would create an environment for people to experience historic Hong Kong.
The newspaper also plans to manage the authentication process using a Decentralized Autonomous Organization (DAO).
Media companies in the field of NFT
The move comes just after Animoca Brands raised nearly $ 140 million in its latest founding round.
One of the notable investors in the round was Blue Pool Capital, a family office that reportedly housed part of Alibaba founder Jack Ma’s $ 40 billion fortun. As well as the $ 10 billion fortune of Ma Jo Tsai’s right-hand man. As we noted, Alibaba is the owner of SCMP.
Prior to SCMP, media added that major media companies such as Time Magazine and CNN had entered the NFT realm.
The NFT market has grown dramatically this year, reaching $ 2.5 billion in sales by the end of June. The South China Morning Post, founded in Hong Kong in 1903, was the first news organization in Asia to propose a new blockchain standard in which historical and archival elements can be connected, explored and collected.