Xinhua, the Chinese Communist Party (CCP) news agency, has stated that it will distribute a set of non-fungible tokens (NFT) later this week as part of a metaverse initiative.
Despite the fact that media organizations issuing NFTs does not qualify as breaking news these days, it is surprising in the case of a CCP mouthpiece, especially given Beijing's ongoing anti-NFT stance.
China's major tech companies have also rejected the term NFT since it has crypto connotations, walking on eggshells and using words like "digital collections" and "digital collectibles."
Another term that has been used cautiously in Mainland China is "Metaverse," owing to its crypto connotations.
However, according to Xinhua, the agency will release a special collection on December 24, and it will utilize blockchain NFT technology for what is expected to be China's first Digital News Collection.
The NFTs will include unique identification and ownership information on the blockchain, as well as collectability value, in addition to select 2021 photo-journalism reports.
As a special year-end summary of its news coverage, Xinhua is producing NFTs that will be written into the metaverse as a digital memory, according to the state media.
According to the media, 11 items will be released, each limited to 10,000 copies. A unique edition piece with just one copy will also be produced.
However, there were a number of "buts" for those willing to look beyond the lines. The firm suggested that all of the NFTs would be available online for free – an indication that Beijing is ready to board the NFT train as long as it can ensure that these components will not be utilized in speculation.
There was also no mention of which blockchain protocol the NFTs will utilize. It's almost certain that Xinhua will build its own or utilize a different proprietary blockchain network, rather than a more popular one like Ethereum (ETH).
On December 24, when the NFTs are made public, everything will be revealed.