China's state-run media company, Xinhua News Agency, has revealed that they will soon release China's first "digital news collection" in the form of non-fungible tokens (NFT).
In a recent official announcement, Xinhua will release a total of 110,001 copies of unique photos taken by journalists in 2021.
According to the latest announcement, the digital item will be broken down into 11 collections comprising 10,000 copies and it will be released in a separate special edition that will be available on the Xinhua mobile app this Friday, December 24th.
The development shows growing interest in crypto assets and blockchain technology, despite some warnings from the Central Bank of China or the People’s Bank of China (PBoC) related to crypto assets.
The media company noted that the collection has "a very special memorial," adding that it "records many precious historical moments in 2021."
“It’s a special year -end summary written into the metaverse world,” the announcement added.
Following the massive crackdown on crypto assets by the Chinese government, industry players have been forced not to be too prominent in announcing or implementing crypto activities. However, the recent launch of NFT proposed by Xinhua is not the country’s first step in the digital collection space.
Earlier during DeFi Summer 2.0, popular Chinese media channel The South China Morning Post revealed that it was creating a series of NFTs using a new token standard dubbed “ARTIFACT,” which was allegedly designed to preserve historic assets on the blockchain.
Meanwhile, China continues to maintain a strict stance on crypto assets and every other asset -related activity, including mining operations will be constrained.
A few weeks ago, a high -ranking official was found guilty of supporting a crypto mining company. As a result, Xiao Yi was deposed and fired from his political party.
