On September 25, China Daily, an English-language portal owned by the Chinese government, revealed its plans to create its own metaverse and NFT platform. About 2.813 million yuan ($390,000) are allocated for this initiative.
What's known about China Daily’s NFT platform
The main purpose is to expand the influence and recognition of Chinese culture. To achieve this, the publication will use trending technologies, such as:
🔸 metaverse;
🔸 virtual, augmented, and mixed reality;
🔸 blockchain and NFT.
The NFT platform described in the announcement is not particularly different from usual NFT marketplaces. It is expected to have support for different blockchains, allowing users to view, buy, sell, and participate in auctions of NFTs.
It also appears that China Daily intends to promote some NFTs through other marketplaces, mentioning OpenSea, Rarible, and SuperRare.
According to the announcement, China Daily is seeking to partner with a third-party contractor to bring the vision to life. Bids will be accepted until October 17, following which selected participants will have three months to develop the platform.
NFT and blockchain technologies in everyday life
This is not the first case states or companies have turned to NFT and blockchain technologies. For example, we recently wrote about the South Korean government's intentions to make Busan a "blockchain city" or that German airline Lufthansa launched a loyalty program with NFT.
Also, there are plans to consider NFTs as proof of land ownership in India and projects to integrate blockchain into public administration in Mongolia and Italy.
NFT market condition
Governments and companies start to use NFT technology against a backdrop of weak interest in the NFT market and sagging floor prices for many top collections.
Moreover, it seems that NFT projects have started to attract the interest of regulators. We recently told you about two cases, in which the SEC accused the authors of NFT collections of offering unregistered securities: Impact Theory and the creators of the Stoner Cats series.
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