China’s Largest News Agency to Launch NFT Collection

China's Largest News Agency to Launch NFT Collection

Despite China’s crackdown against cryptocurrency, the country’s biggest news agency is planning to launch an NFT collection.

Xinhua News Agency, a Chinese state-run media company, has revealed that it will soon issue China’s first “news digital collectibles” in the form of non-fungible tokens (NFTs),

Xinhua Launches NFT Collection

In an official announcement on Wednesday, Xinhua will issue a total of 110,001 copies of unique photographs taken by journalists in 2021.

According to the announcement, the digital items will be made up of 11 collections consisting of 10,000 copies, each with one special edition release, which will be available on the Xinhua mobile app on Friday, Dec. 24, Christmas Eve.

The development indicates an increasing interest in virtual assets and blockchain technology, despite several warnings by the People’s Bank of China (PBoC) about the potential risks associated with the asset class.

NFT of Xinhua to Capture Historic Moments in 2021

The collection has “unique remembrance significance,” according to the media company, and it “captured many memorable historical moments in 2021.”

The digital collectibles are expected to include the Chinese Communist Party’s 100th-anniversary celebration in Tiananmen Square in Beijing in July, as well as China’s recent achievement of administering more than 2.7 billion Covid-19 vaccination doses across the country.

The message went on to say, “It’s a spectacular year-end summary written into the universe of the metaverse.”

This isn’t the first time

Following the Chinese government’s major crackdown on digital assets, bitcoin firms in the nation have kept a low profile. Xinhua’s anticipated NFT debut, however, is not the country’s first foray into the digital collectibles market.

China tightens its grip on cryptocurrency.

Meanwhile, China has maintained a tough stance against crypto assets and any other cryptocurrency-related activities, including mining operations.

A high-ranking official was found guilty of assisting crypto mining companies a few weeks ago. As a result, Xiao Yi’s post was revoked, and he was expelled from the Communist Party.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.