Chinese News State News Agency Xinhua to Issue Photos as NFTs

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Last Updated on 22 December 2021 by CryptoTips.eu

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A government news agency in China, Xinhua has proposed issuance of a digital media photo collection as a non-fungible token (NFT). The agency plans to release the photo collection of 11 photos free of charge online to the public on 24 December, according to a report from a local news outlet.

Xinhua will be the first government agency to venture into NFTs which are based on the blockchain. This is a landmark event as China has not been the friendliest country towards blockchain or cryptocurrency.

According to the agency, the collection, which includes a photo commemorating the 100th anniversary of the Chinese Communist Party, would “imprint digital memories into the metaverse”. This concept has also been criticized by another media outlet, Securities Times as “a grand and illusionary concept.”

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Hope for crypto in China

NFTs are digital versions of arts or other items stored on the blockchain. This asset class is becoming increasingly popular on the internet and though China is strictly against anything linked to blockchain, it seems it could find its way back again starting with Xinhua’s decision to issue NFTs.

Secondly, Chinese social media giant Tencent Holdings said last month that it expects China to allow Metaverse to operate in Beijing as long as it sticks to Chinese rules. Interestingly, decentralized cryptocurrencies are the primary means of exchange in the Metaverse.

If Metaverse does get its foot in Beijing, it could make way for the use of public cryptocurrencies once again in the country that has clearly declared its stance against crypto in the past, including an outright ban on Bitcoin mining.

Meanwhile, China’s ban on Bitcoin mining has not affected the cryptocurrency much. Although it is expectedly caused the hashrate to plummet at the time, it has bounced back 100% from the lowest it got just six months ago and has now reached a new all-time high. Some news outlets reported in October that the country may be considering reversing their decision on Bitcoin ban. If this is true then this could be one way it wishes to allow crypto in the country once again.

Mermolenko / Depositphotos.com