In an announcement made on Wednesday, China’s official Xinhua News Agency will issue its first series of NFT collectibles. The move is a thumbs up to blockchain technology previously shunned by the People’s Republic of China (PRC). In an official, Xinhua plans to publish 10,000 copies of 11 photos taken by journalists in 2021.
The stride into NFTs is puzzling in light of recent events in the world’s second-largest economy. Following awhere Bitcoin ( ) and Ether ( ) mining was banned, China recently and proposed that they should be heavily monitored. Despite the anti-crypto sentiment, tech giants Tencent and Huawei were not discouraged from pursuing trademarks in the Metaverse.
Elsewhere, in early December,, some websites in Beijing, including ChainNews, went offline. and instead focused on growing communities on Twitter and Telegram.
Curiously, however, it’s not the country’s first move into NFTs. During the, The South China Morning Post created a series of ,” designed to preserve historical assets on the blockchain. However, it’s important to note that the SCMP is based in Hong Kong. As a result, the paper benefits from higher levels of autonomy as well as the executive, legislative and independent judicial power for which Hong Kong is known.
Hong Kong is no stranger to blockchain technology or minting NFTs. In June this year, pro-Hong Kongonto the blockchain. More than 4,000 Apple Daily articles were uploaded to ARWeave, a
Ultimately, the PRC’s NFT release begs the question, does Xinhua’s issuance of NFTs signal a nod towards adopting blockchain technology? At the time of writing,. NFT’s cannot be resold once purchased, while the only currency available to NFT fans is the national currency, the Renminbi. Given 2021’s largely anti-crypto stance, more evidence of the PRC’s moves into the blockchain space is required.