Chinese state media will mint NFTs despite Crypto Crush

TL; DR fault

  • This Friday, the Chinese government-run Xinhua News network will launch its inaugural digital art.
  • NFT contains unique moments of 2021 documented by the company.

China’s main state media is running its own NFTs. Xinhua News the corporation has announced the launch of a series of images of the magazine called “Digital News Collection”. The corporation will use log images on the blockchain network.

NFT is a digital hash stored on a blockchain. It allows artwork, music and any virtual property to have different tokens. They are important for verifying property ownership plus lack and enabling artists to sell material like digital art. This year, NFTs have aroused great media interest as athletes, entertainers and artists have tried their hand at it.

Various media outlets have captured images in Xinhua’s NFT collection. The selected photos reflect significant events from 2021. One of such key events is the 100th commemoration of the Communist Party of China.

Xinhua goes for NFT despite China’s ban on cryptocurrencies

According to reports, the media will publish the virtual assets on December 24 at 12:00 UTC. It will print all 11 images in ten thousand copies on Tencent’s online service. Moreover, any NFT can be accessed free of charge.

Xinhua is the only news company in China to enter the NFT area. Still, most stations around the world are experimenting with it all the time.

The introduction of Xinhua’s NFT coincides with China’s toughest anti-crypto campaign. Chinese authorities recently banned Bitcoin mining across the country. Furthermore, it has been ruled that since then any activity related to cryptocurrencies has been illegal.

Xinhua’s digital assets may fall into the gray area from a legal standpoint. The state of China has not declared NFT illegal. But their cryptocurrency relationship may reflect their illegality.

Still, Xinhua is a state-owned entity. He could therefore enjoy some immunity. The ban could affect individual NFTs operating on networks such as Cardano or Ether.

Xinhua’s NFTs differ compared to other virtual assets and monetized assets. For example, they are free to mint and rely on a regulated network service.

Tencent Holdings Ltd.. and Ant Group Co. they could have approval to continue their blockchain activities. Both companies presented NFTs in their networks. Their discovery comes against the backdrop of strict rules regarding cryptocurrency activities in China. Digital News collectibles will run on the Tencent cloud blockchain. They will contain a unique identification built into them.

Recording history

The Chinese state news agency is not alone in its interest in non-ferrous metals. Xinhua joins the ranks of other news organizations in recognizing digital artifacts.

And they started using the blockchain to mark important events. The News station sold its first digital asset earlier this year. The AP later sold NFTs of its most famous paintings in honor of its 175th anniversary.

A strategy to capture monumental moments in NFTs could change the game around the world. And when all is said and done, China will be the owner through its state station.

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