Quick take:
- The English-language newspaper is owned by the Publicity Department of the Chinese Communist Party.
- The newspaper is prepared to spend 2.813 million Chinese yuan ($390,000) on a contractor that can design the NFT platform.
- Digital collectibles listed on the platform will be bridgeable to other NFT marketplaces including OpenSea, Rarible and LooksRare.
China Daily has announced plans to launch a metaverse and non-fungible token (NFT) marketplace. The state-backed Chinese newspaper is looking to offer 2.813 million Chinese yuan ($390,000) to a contractor that can design the NFT platform.
According to the announcement, the digital collectibles listed on the platform will be bridgeable to popular NFT marketplaces, including OpenSea, Rarible and LooksRare.
China has been one of the most strict nations when it comes to allowing digital collectible transactions on public blockchains. Last year, the government launched a private blockchain ecosystem dubbed the Blockchain Service Network (BSN) to support the deployment of non-fungible tokens locally.
In December 2022, China debuted the “China Digital Asset Trading Platform”, a digital asset trading platform jointly built by state-owned companies China Technology Exchange and China Cultural Relics Exchange Center together with the privately-held Huaban Digital Copyright Service Center Co., Ltd.
Despite its strong opposition to trading digital assets, China has been one of the leading early adopters of Web3 technology, especially in regard to metaverse-themed projects. Some of the country’s major cities including Beijing, Nanjiang, and the Capital Shanghai have ongoing projects focused on tapping opportunities in blockchain technology and the Metaverse.
And now, China Daily, the English-language newspaper owned by the Publicity Department of the Chinese Communist Party is joining the race as it searched for a locally-based or foreign contractor to bring its plans for Web3 to fruition, within budget.
Interested contractors have until October 17 to submit their applications, while the chosen contractor will be given three months to design the platform.
According to the announcement, China Daily’s NFT and metaverse platforms are specifically designed to help spread the Chinese culture and showcase the influence of the Asian nation’s civilization across the globe.
The platform will leverage burgeoning technologies such as “the metaverse, virtual reality (VR), augmented reality (AR), mixed reality (AR), and Blockchain, irreplaceable digital assets (NFT), big data, cloud computing and other technologies,” to achieve its goals.
According to the developers of the project, “In addition to its own platform, based on the project goals and audience groups, domestic and overseas mainstream NFT platforms suitable for issuing digital collections will be selected to issue NFT digital collections. Foreign platforms include but are not limited to OpenSea, Rarible, SuperRare, Foundation, etc.”
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