China’s largest news agency released…

China’s largest news agency released… post thumbnail image

The news had a positive impact on the stock prices of companies in the digital sector.

Xinhua, the official government news agency of the People’s Republic of China, has announced the release of its non-refundable token collection (NFT).

  • China’s largest media center plans to publish 10,000 digital copies of 11 photos of the “historic moments of 2021”.

  • China’s NFT will be available for free on December 24, Reuters reports, citing a Xinhua report.

  • The collection includes photos dedicated to the 100th anniversary of the Chinese Communist Party. As compiled by the news agency, the NFT versions of the photos “will capture digital memories in the metaverse,” Reuters reports.

  • The collection will be released via Zxinchain, Tencent’s government-approved enterprise blockchain network, TheBlock reports. The corporation released NFT on the same network in September. The non-exchangeable Tencent tokens are digital stone carvings of Mogao Cave, a UNESCO World Heritage Site located in Gansu province, China.

  • The media interpreted the news agency’s initiative as a possible signal of support for the metaverse market from the Chinese authorities. However, last month, the country’s Communist Party newspaper, the People’s Daily, criticized the NFT as a possible fraud.

  • In October, Chinese authorities announced that it was possible to work with NFT only within the framework of China’s national blockchain network (BSN).

Previously, two major Chinese companies – Ant Group and Tencent – changed the description of non-fungible tokens (NFT) on the platforms they control. Ant Group and Tencent have changed the description of NFT from “non-exchangeable tokens” to “digital collectibles”, noting that the tool lacks the characteristics of “virtual currency”. And in November, Ant Group and Tencent signed an NFT self-regulation agreement.

Recall that the Chinese authorities banned cryptocurrency and all related activities in the country in May. Market participants are concerned that state regulators may be confused by the non-exchangeable “relationship” of tokens with illicit digital assets.

Against the backdrop of the news, the share prices of companies associated with metauniverses rose. In particular, the share price of augmented reality developer Goertek jumped 6%, while the share price of online game creator Perfect World jumped nearly 4%.

Read also: China wants to launch a national digital asset exchange.

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