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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