China television network Shandong clears its plan to build an NFT marketplace to dive in the bandwagon. Shandong TV on Monday said in a statement ready to create its own blockchain structure to allow its digital collectibles and build “a range of metaverse products.”
After Xinhua News Agency in December, the tv network of eastern China’s Shandong province has begun developing a bazaar for digital assets, or non-fungible tokens (NFTs) as they are called in the world’s second-largest market.
Shandong Television also aims to upgrade “a range of metaverse products” while developing its own blockchain structure to enable its digital collectibles, as per a statement released on Monday. It did not provide a schedule for these projects.
The subjects of cultural heritage, ancient architecture, and scenic beauty will be highlighted in the digital collection, as per the provincial television network. It highlighted the province’s rich Confucian culture as well as tourist areas like Mount Tai, Shandong’s highest point at 1,545 metres, as key resources for its virtual asset collection.
NFTs can be considered as an important part of blockchain based data.NFTs are distinct strings of blockchain-registered data that signify the ownership of a digital file. As a consequence, NFTs are valuable since they can be acquired and exchanged much like actual goods.
Shandong Television’s debut into NFTs comes months after China’s first “news digital collectibles” were unveiled by state-owned Xinhua. On Christmas Eve, Xinhua provided 110,001 copies of selected news images for free through its mobile app.
The TV network stated that its digital collections will be centred around natural surroundings, cultural history, and old structures, despite a lack of a launch date. Shandong Television, in particular, highlighted the province’s rich Confucian culture and tourism features like Mount Tai as important assets for its NFT collection.
Despite the strong anti-crypto stance, China has been unable to set clear limits on NFT transactions. NFTs are now frequently known as the digital collectibles, after the official Chinese media’s criticism of the NFT market mania.
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