(Xinhua) China’s state-run Xinhua News Agency is preparing its first collection of nonfungible tokens comprising 10,000 copies of eleven photos captured by its journalists this year.
The embrace of NFT by Xinhua is a shift of gear as China initially conducted a crypto crackdown. The government warned of NFTs and the metaverse, saying they will be heavily monitored.
Despite China’s warnings on blockchain technology, it has failed to discourage metaverse endeavors by Tencent and Huawei, sending mixed signals to the market.
The Hong Kong-based South China Morning Post, another news agency, also created NFTs during DeFi Summer 2.0.
It now remains to be seen whether China is embracing blockchain technology in the latest gesture by Xinhua. Currently, NFTs are prohibited from being sold once bought in China, with the renminbi remaining as the only available currency for fans.
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