Chinese Communist Party paper to “develop” NFTs
The online arm of People’s Daily said it will cooperate with state-owned enterprise China Arts and Entertainment Group to develop non-fungible tokens (NFTs) themed on Chinese traditional and modern paintings.
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Fast facts
Announcement from the official newspaper of the Central Committee of the Chinese Communist Party (CCP) comes after state-backed industry lobby groups called for the curbing of “financialization and securitization” of NFTs.
People’s Daily says they will issue the NFTs for digital publication, and to explore the tokens’ editing, reviewing and publication process.
The People’s Daily established its marketplace in January and airdropped the first batch of NFTs for free.
The platform has not sold NFTs for profit, nor has it revealed the blockchain on which the platform is based.
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