Chinese News Agency Xinhua Is Launching a Collection of NFTs, Despite Being Notoriously Anti-crypto.
Xinhua, which is the official news agency of China, has announced they are issuing a collection of NFTs this month. First, this collection will depict historic moments of the past year. The collection consists of 11 photos. Each photo has a limit of 10,000 copies and releases tomorrow, December 24th. Available for collectors free of charge, they will be available to mint on the Xinhua news app.
The authoritative Chinese media Xinhua News Agency will release China’s first "News Digital Collection" NFT, limited to 110,000 copies, all available for free.
— BlockBeats (@BlockBeatsChina) December 22, 2021
Interestingly, this announcement comes in the middle of a Chinese Communist Party crackdown on cryptocurrency. This year, the CCP stated a wide range of restrictions on cryptocurrency. These restrictions date back as far as 2017. As recently as September 24th of this year, the CCP announced that all crypto-transactions were illegal.
NFTs Not Yet Banned by the CCP
Xinhua states that this venture will “imprint digital memories into the metaverse”. Additionally, the leaders in Beijing expect to have their own rules for the Metaverse. In a statement issued by Tencent in November, the CCP expects the user experience is “provided under the regulatory framework”.
This is an interesting play on the Metaverse by the CCP. Most likely mirroring the framework of the Web2 infrastructure in the country, it will be a heavily regulated and monitored environment. It would be foolish to think the Metaverse accessible in countries outside of China will not be heavily monitored and regulated. But much like the Web2 framework, the CCP has in place, they take it to the next level.
Keep in mind Tencent, one of the largest music companies not only in China but the entire world, has issued NFTs this year. Tencent Cloud blockchain will issue the collection from Xinhua. The stock price for the media giant has jumped 4.63% since yesterday’s announcement.
Also, something to consider: Remember always to do your research, make your own decisions and invest in projects that interest you!
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