China Daily, a well-known English-language publication affiliated with the Chinese Communist Party’s Publicity Department, is embarking on a significant journey into the realm of cutting-edge technologies. With a substantial investment of 2.813 million Yuan (approximately $390,000), they are taking the lead in exploring the metaverse and launching their very own non-fungible tokens (NFT) platform.
In a move that signifies their commitment to this endeavor, China Daily has initiated a public tender process, inviting bids from interested parties until October 17. The newspaper is actively seeking a third-party contractor, be it a domestic or international blockchain company, to lead the development of this innovative marketplace.
To qualify as a bidder, entities must demonstrate the capability to manage over 10,000 transactions per second, as specified in China Daily’s official documentation. The selected contractor will be entrusted with the task of bringing the platform to life within a three-month timeframe.
Furthermore, once the format for digital collectibles is finalized, the document stipulates that “a single digital collection must be developed and launched for online distribution and promotion within one month.”
China Daily’s NFT marketplace is designed to support a wide array of collections, encompassing multimedia and other formats. It will incorporate features such as pricing and bidding, time-limited offerings, and the flexibility of multiple currencies for settlements, ensuring a secure and seamless user experience.
The ambitious project comprises four key service components:
- The establishment of China Daily’s “Digital Collection Issuance Platform.”
- Domestic and international collaboration for the development and promotion of NFT digital collectibles.
- Advancing the growth and promotion of augmented reality (AR) and virtual reality (VR) content.
- Conceiving, developing, and promoting creative spaces within the metaverse.
It’s worth noting that the project specifies a preference for individual applications, disallowing joint bids. This strategic move underscores China Daily’s commitment to pursuing this venture independently.
This initiative aligns with the growing global interest in these emerging technologies. A report from blockchain analytics firm Nansen has even forecasted an $80 million market capitalization for NFTs by 2025, reflecting the rapid growth of the NFT market.
In essence, China Daily’s proactive approach to embracing the metaverse and NFTs underscores their recognition of the profound impact these technologies are set to have on the future of journalism and content creation.
