China Daily, a prominent English-language newspaper affiliated with the Publicity Department of the Chinese Communist Party, has unveiled its plans to enter the metaverse and NFT landscape.
As part of this endeavor, China Daily has issued an announcement and a Tender Offer, inviting proposals from third-party contractors, whether domestic or foreign, with blockchain expertise, to develop the Zhongbao Shuzang NFT issuance platform within a three-month timeframe. The selected contractor will be awarded approximately $390,000 (equivalent to 2.813 Chinese yuan).
Once the collaboration is finalized, a singular digital collection must be crafted and released for online distribution and promotion within one month. Notably, the winning blockchain firm must have a mainnet capable of processing over 10,000 transactions per second.
The announcement specifies that in addition to its proprietary platform, China Daily intends to collaborate with established NFT platforms, both domestic and international, suitable for issuing digital collections. These platforms include but are not limited to well-known names like OpenSea, Rarible, SuperRare, and Foundation.
China Daily has underscored four key elements integral to its metaverse project, which serves as the linchpin of its broader initiative. These elements encompass the revitalization of domestic and international NFT digital assets, with each NFT undergoing a one-month development phase before being released online. Additionally, the project entails promoting AR/VR creations within two months and finalizing the development and layout of its distinctive metaverse space within a two-month window.
This project is designed to proceed swiftly, with a deadline of October 17 for contractors to submit their applications, followed by a three-month period for platform development.
Notably, this initiative comes on the heels of the Bank of China’s investment banking division (BOCI) pioneering a groundbreaking move in June, issuing 200 million yuan ($28 million) in fully digital structured notes in Hong Kong. This marked the first instance of a Chinese financial institution in the region issuing tokenized securities. China’s interest in the digital economy and blockchain technology continues to grow, as evident in the country’s involvement in emerging trends like NFTs and the metaverse.
