China Daily, a prominent English-language newspaper owned by the Publicity Department of the Chinese Communist Party, has announced its plans to invest 2.813 million Yuan ($390,000) to build its own metaverse and a non-fungible tokens (NFT) platform. This ambitious project aims to revolutionize the world of journalism and content creation.
China Daily’s Call for Public Tender
China Daily has issued a public tender, inviting interested bidders to respond before October 17. The newspaper is seeking a third-party contractor, whether domestic or international blockchain firms, to develop the marketplace. To meet the requirements, the selected contractor must have the capacity to handle over 10,000 transactions per second.
The Scope of China Daily’s NFT Marketplace
The NFT marketplace planned by China Daily aims to support multimedia and various types of collections. It will offer features such as pricing and bidding options, limited-time offers, and support for multiple currencies. The goal is to ensure a reliable and robust user experience for both creators and collectors.
According to the announcement, the project will consist of four key service components:
- The construction of China Daily’s “Digital Collection Issuance Platform”
- Domestic and international creative development and promotion of NFT digital collectibles
- Fostering the development and promotion of AR and VR content
- The conceptualization, development, and promotion of creative spaces within the metaverse
It is important to note that joint bids are not accepted for this project. Interested companies must apply individually to be considered.
China Daily has set a timeline where the selected contractors will have three months to bring the platform live. Additionally, within one month, a single digital collection must be developed and launched for online distribution and promotion.
This exciting initiative by China Daily comes at a time when global interest in the metaverse and NFTs is rapidly growing. A recent report from blockchain analytics firm Nansen predicts an $80 million market capitalization by 2025 for the NFT market. It is evident that the metaverse and NFTs will play a significant role in shaping the future of journalism and content creation.
