China Daily Invests $390K in NFT Platform Amid Crypto Ban


  • China Daily is venturing into the metaverse and NFT space.
  • A budget of 2.813 million Chinese yuan ($390,000) has been set for a third-party blockchain contractor.
  • The initiative’s primary goal is to enhance the global influence of Chinese civilization.

China Daily, the English-language publication affiliated with the Chinese Communist Party, has unveiled its ambition to dive into the burgeoning world of the metaverse and NFTs. Significantly, the newspaper has set aside a generous budget of 2.813 million Chinese yuan ($390,000) to find a third-party contractor. This contractor, be it Chinese or foreign, must be proficient in the domain of blockchain.

Moreover, to ensure a seamless experience for users, the platform’s underlying blockchain mainnet must be robust. It should be able to effortlessly handle over 10,000 transactions every second. Hence, potential contractors have their work cut out for them, given the tight timeline. They have until October 17 to submit their applications and a mere three months thereafter to materialize their proposed design.

The overarching goal for this venture is noble China Daily aims to amplify the global influence of Chinese civilization. To achieve this, the platform will harness a medley of advanced technologies. Besides blockchain and NFTs, the platform will leverage the metaverse, virtual reality (VR), augmented reality (AR), mixed reality, big data, and cloud computing. All these technologies combined aim to provide users with an immersive experience that resonates with the essence of Chinese civilization.

Additionally, developers have outlined some critical specifications for the platform. It must be versatile enough to handle the uploading, showcasing, and management of a myriad of digital collections. This includes supporting different multimedia forms and a variety of collection types. Moreover, the platform should be equipped with functions for pricing, bidding, and running limited-time events. The integration of multi-currency settlement is yet another essential feature.

However, China Daily doesn’t intend to restrict its NFT collections to its own platform. In its quest for a wider reach, the newspaper plans to collaborate with some of the most renowned international NFT platforms. OpenSea, Rarible, SuperRare, and Foundation are among the potential candidates for this collaboration.

Consequently, this move is particularly intriguing given China’s stance on cryptocurrencies. Since 2021, all forms of cryptocurrency transactions have been outlawed in the country. Nevertheless, a few blockchain entities continue to function, albeit under the watchful eye of law enforcement.