Boost for blockchain in China as Xinhua to issue photos as NFTs

A screen promoting the Xinhua News Agency will be seen on March 2, 2020 at Times Square in Manhattan, New York City, New York, USA. REUTERS / Andrew Kelly

Shanghai, December 22 (Reuters)-Xinhua News Agency announced on Wednesday that it will publish a digital media photo collection via a non-fungible token (NFT). I criticized it before.

A digitized certificate of ownership, NFTs are gaining popularity around the world this year for everything from autographed tweets to paintings.

However, the relationship between China, which supports cryptocurrencies, and the technology behind it is complex.

The issue by the state news agency shows official support for the NFT, but last month’s party mouthpiece, the People’s Daily, criticized the NFT as a potential fraud.

Xinhua said in an official notice that 11 photos taken by journalists in 2021 will be published online for free at 8 pm (1200 GMT) on December 24th.

The collection, which includes photographs commemorating the 100th anniversary of the Chinese Communist Party, added, “Imprint digital memory on the Metaverse.”

The official media, Securities Times, used to call Metaverse, a shared space based on virtual reality technology, a “magnificent and fantastic concept.”

Chinese companies, especially the unlisted Ant Group, are already investigating or applying NFT technology. And most Chinese Metaverse-related stocks rose on Wednesday following the announcement of Xinhua.

Augmented reality company Goertek (002241.SZ) Online game company Perfect World surges 6% (002624.SZ) It increased by almost 4%.

Chinese social media giant Tencent Holdings (0700.HK) Last month, he said he hoped Beijing would allow Metaverse to operate in China if it was in line with Chinese rules.

Cryptocurrencies, including Bitcoin, are considered the natural means of payment for the Metaverse, but Beijing restricted them as a possible route for illegal capital flows and money laundering, and digital currencies in September. Ordered a total ban on trading and mining.

Report by Shanghai News Room. Edited by Ana Nicolaci da Costa and John Stonestreet

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