With some recent news, it seems like China is gradually opening a door for digital assets. A Chinese state-owned television network from the eastern Shandong province revealed the development of the marketplace for “digital collectibles” or NFTs.
This announcement will add it to the recent government-owned media agency list to join the virtual asset trend after the Xinhua news agency.
The provincial TV network will also develop its own independent blockchain to integrate its digital collectibles along with the “series of metaverse products”. However, the launch date has not been disclosed in a statement.
Shandong broadcaster will reflect its cultural heritage, ancient architecture, and natural scenery in digital collectibles. NFTs from this collection will feature Confucian culture and tourist attractions such as Mount Tai.
In December, another Chinese state-run media company, Xinhua News Agency launched an NFT collection that featured 10,000 photographs taken by journalists documenting many historic moments during the year. However, these NFTs were distributed for free and anyone could mint them from Xinhua mobile app on Christmas Eve.
Ongoing efforts from the government and private enterprises show their interest in the emerging NFT and Metaverse space despite China’s central bank’s warning that these digital assets could “easily become money-laundering tools”.
Chinese authorities and lawmakers already attained a “two-session”, where they introduced proposals on how China should embrace and regulate the metaverse.
Furthermore, the Chinese government-backed Blockchain Services Network (BSN) made a trial launch of nationwide infrastructure to support “Chinese NFTs”. By doing this, the country wants to build its independent NFT market that is separated from the global market and not associated with any cryptocurrencies.
