China Daily, the English-language newspaper owned by the Central Propaganda Department of the Chinese Communist Party, has revealed its intention to launch its own non-fungible token (NFT) platform and metaverse initiatives.
In a recent announcement, the publication has started a search for a third-party contractor to spearhead the development of its NFT platform, digital collectible collections, and a range of augmented reality (AR) and virtual reality (VR) experiences.
The NFT platform will serve as a platform for offering digital collectibles, featuring art and cultural pieces that embody distinct Chinese characteristics, with the aim of promoting Chinese culture on a global scale.
The virtual experiences, on the other hand, will be designed to provide users with a more interactive and engaging means of exploring Chinese culture.
To fund these developments, China Daily has allocated a budget of 2.813 million yuan (approximately $385 million).
The chosen third-party contractor will be tasked with developing the platform within a tight timeframe of three months from the date of project contract signing, while other related initiatives must be executed within two months of approval. The selected contractor will also be responsible for overseeing associated marketing and promotional activities.
The deadline for submitting applications is scheduled for October 17, 2023, at 13:30 GMT+8.
This move by China Daily represents yet another instance of a government-affiliated entity delving into the Web3 space.
Earlier this year, China announced the launch of its first regulated NFT marketplace. Last month, the Ministry of Industry and Information Technology in China unveiled an ambitious three-year action plan aimed at driving innovation in the metaverse across various industries, placing a strong emphasis on security and technological advancements.