China’s Biggest News Agency Xinhua to Launch NFT Collection

Xinhua News Agency, a Chinese state-run media firm, has revealed that it’ll quickly problem China’s first “news digital collectibles” within the type of non-fungible tokens (NFTs),

Xinhua Launches NFT Collection

In an official announcement on Wednesday, Xinhua will problem a complete of 110,001 copies of distinctive images taken by journalists in 2021.

According to the announcement, the digital objects might be made up of 11 collections consisting of 10,000 copies, every with one particular version launch, which might be accessible on the Xinhua cell app on Friday, Dec. 24, Christmas Eve.

The improvement signifies an growing curiosity in digital belongings and blockchain know-how, regardless of a number of warnings by the People’s Bank of China (PBoC) in regards to the potential dangers related to the asset class.

Xinhua’s NFT to Record Historic Moments of 2021

The media firm famous that the gathering has a “special memorial significance,” including that it “recorded many precious historical moments in 2021.”

The digital collectibles will reportedly embody the Chinese Communist Party’s celebration of its one hundredth anniversary in July at Tiananmen Square in Beijing and China’s latest milestone of administering greater than 2.7 billion Covid-19 vaccine doses nationwide.

“It is a special year-end summary written into the world of the metaverse,” the announcement added.

Not the First Time

Following the large crackdown on digital belongings by the Chinese authorities, cryptocurrency entities within the nation have maintained a low profile. However, Xinhua’s lately proposed NFT launch just isn’t the nation’s first transfer into the digital collectibles area.

Earlier through the DeFi Summer 2.0, in style Chinese media outlet The South China Morning Post revealed that it was making a collection of NFTs utilizing a brand new token customary dubbed “ARTIFACT,” which is allegedly designed to protect historic belongings on the blockchain.

China Intensifies Crackdown on Crypto

Meanwhile, China has continued to take care of a stringent stance in opposition to crypto belongings and each different exercise associated to cryptocurrencies, together with mining operations.

Just a few weeks in the past, a high-ranking official was discovered responsible of supporting crypto mining firms. As a outcome, Xiao Yi was stripped of his place and expelled from the Communist Party.