Chinese State Media Xinhua Issues NFTs

China’s state-owned Xinhua News Agency announced that it is planning to issue a digital photo collection through non-fungible tokens (NFTs), a first for Beijing despite its ongoing crackdown on cryptocurrency.

Xinhua said that it planned to issue 11 minted photos from 2021 news reports for a year-end summary, each in a limited edition of 10,000 copies, free of charge online on Dec. 24.

The collection would “imprint digital memories into the metaverse”, Xinhua’s announcement added.

NFTs is seen as the primary mode of ownership in the metaverse as it provides unique certificates on digital assets without risking replication by using blockchain technology. Stocks from Chinese companies that work with NFTs rose following Xinhua’s announcement.

The move came amid increasing scrutiny on blockchain technology from Beijing. Chinese authorities have already banned most activities from cryptocurrency exchanges, including mining and transactions.

Other local state media had also previously warned of the metaverse being an “illusory” concept.

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