One of the largest tech companies in the world is set out to create a technical framework for digital collectibles in China.
With China accelerating its blockchain technology development and establishing its central bank digital currency, the country seems to be expanding its NFT, or as they call it "digital collectible" sector.
Based on the report by a local news outlet, Tencent Holdings will be working on a "technical framework for digital collection services based on blockchain."
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Blockchain? (Animated Examples + Explanation)
The approval was issued by a Switzerland-based UN agency - the International Telecommunication Union (ITU), which is responsible for evaluating international projects so they meet appropriate standards.
The project will be supported by other Chinese tech firms and research institutions including Ant Group (an affiliate company of Alibaba), Zhijiang Laboratory, China Academy of Information and Communications Technology, Beijing University of Posts and Telecommunications, amongst other blockchain-focused entities.
According to the post, the approval will allow digital asset collections to be recognized globally, and, consequently, bring up their value and demand. In fact, it is the first-ever standardized blockchain project with ties to NFTs or "digital collectibles." The pilot version of the NFT project is said to be launched at the end of 2022.
Interestingly enough, NFTs in China are minted on government-owned blockchain services due to the country putting a blanket ban on any decentralized activities related to cryptocurrencies.
While China was quick on shutting down crypto mining in the country, it seems that blockchain technologies are certainly a topic of high interest for the government, with plans to speed up blockchain development for real-world causes.
