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China Daily Newspaper Analyzes Metaverse and NFT Marketplace Launch: Here’s the Latest | Taza Khabre

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China Daily, a prominent English-language newspaper owned by the Publicity Department of the Chinese Communist Party, has allocated a substantial 2.813 billion yuan ($390,000) to build its own metaverse and non-fungible token (NFT) platform.

China Daily has called a public competitionasking bidders to respond by October 17. The media has asked an external contractor, both national and international blockchain companies, to develop the market.

The “qualified bidder” must have the ability to handle more than 10,000 transactions per second, China Daily said in a filing. The selected contractors will have 3 months to get the platform up and running.

Additionally, once the form of digital collectibles is confirmed, “a single digital collection must be developed and launched for online distribution and promotion within one month,” a translated document says .

The China Daily NFT Market aims to support multimedia collections and other types such as prices and offers, limited time features and multi-currency support for settlements to ensure a reliable and robust experience.

The project has four key aspects

According to the announcement, the project would include four key service components

1. The construction of China Daily’s “Digital Collection Broadcast Platform”.

2. National and international creative development and promotion of NFT digital collectibles,

3. Encouraging the development and promotion of AR and VR content i

4. The conceptualization, development and promotion of creative spaces within the metaverse.

The project emphasizes that it does not accept joint bids and that companies must apply individually to be considered.

The ambitious plan comes at a time when global interest in these nascent technologies is on the rise. A report by blockchain analytics firm Nansen predicted a market cap of $80 million by 2025 and rapid growth of the NFT market.

China Daily’s initiative highlights the relevance of the metaverse and NFTs in shaping the future of journalism and content.

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