In 2021, Xinhua will publish one hundred copies of original images taken by journalists, the company announced on Wednesday. People believe that the digitized tokens once published will bring focus and renewed confidence to digital assets in China.
According to the statement, the digital items will consist of 11 collections totaling ten thousand copies, each with a single limited-edition release. On Christmas Eve, People can access and purchase the digitized tokens on the Xinhua mobile app.
The trend demonstrates considerable attention in virtual assets fueled and powered on blockchain, ignoring warnings from the People’s Bank of China (PBoC) about the asset class’s potential hazards.
The NFT of Xinhua to Document 2021’s Historic Moments
Apart from the collection being original, it has significant commemorative sentiment. The sentiment has added to the popularity of the NFT project in no small way. The project’s success, the team believes, is due to a historic milestone from the Asian country in 2021.
According to reports, the digital artifacts would include a commemoration of the Chinese Communist Party’s centennial event in July. The project is attached to a significant event of national importance to the Communist bloc. This commemoration will take place at Beijing’s Tiananmen Square. Additionally, the collectibles include the Chinese officials’ worldwide distribution of 2.7 billion doses of Covid-19 vaccination.
People think the regulators are indirectly pushing digitized assets into the mainstream with the project. However, a lot of people are still concerned about what happens next after the digitized tokens have been snatched up.
They feel that the government might not be fully committed to the widespread use case of digital assets. The report further added the annual summary takes precedence over plans for Metaverse, which hints to the possibility of a virtual community in the pipeline.
The event had polarized the people into optimists and pessimists. Of course, there are also fence sitters who are interested in how the event will unfold. Following the Chinese government’s major crack down on digital assets, bitcoin businesses have kept a low profile in the country. However, Xinhua’s anticipated NFT launch is hardly the country’s first foray into the world of digital treasures.
Earlier this year, during DeFi Summer 2.0, popular Chinese media outlet The South China Morning Post reported that it was developing a series of NFTs utilizing a new token standard dubbed “ARTIFACT” that is allegedly intended to protect historical assets on the blockchain.
China Toughens Cryptocurrency Enforcement
Meanwhile, China has maintained a strict stance against cryptocurrency assets and any activity associated with them, including mining.
Last month, the Chinese authorities served crypto miners in the country quit notice. Earlier, Chinese miners had contributed significantly to the hash rate of Bitcoin dominating the space. Since the crack down on miners, Bitcoin had suffered a lingering pullback. The downtrend of the digital currency is gradually breaking new resistance points.
Recently, a high-ranking official was convicted of assisting crypto mining companies. As a result, Xiao Yi’s position was abolished and he was kicked out of the Communist Party.
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