China cracks down on cryptocurrencies but spares NFTs? Xinhua News Agency to release NFTs on Christmas Eve, limited to 110,000 copies

China has been cracking down on almost all transactions related to crypto assets, but Xinhua News Agency, a state-run media, plans to issue NFT digital goods. Xinhua announced on the 22nd that it will release special collectibles for free through its news app at 8 p.m. on the 24th, minted from selected news photographs and reports from 2021.

Xinhua News Agency is China's first set of "news digital collectibles," with a total issuance of 11 pieces, each limited to 10,000 copies, and a special version with only 1 copy released. All collectibles are available online for free. Xinhua News Agency stated that the news digital collectibles will have a unique identifier and ownership information on Tencent Cloud's blockchain.

Prior to Xinhua News Agency, media outlets such as The New York Times, CNN, and TIME have already joined the NFT trend. Interestingly, Xinhua News Agency reported on the 15th that high-tech concepts like "metaverse," "blockchain," and "NFT" are prone to fraud, and experts recommend that regulatory agencies strengthen their efforts and increase regulatory density.

Although China has not explicitly banned NFTs like cryptocurrencies such as Bitcoin, NFTs exist in a gray area. For instance, Tencent Holdings and Ant Group issued NFTs on blockchain platforms and received warnings about "blind operations." Tencent and Ant Group have since renamed the NFTs on their platforms as "digital collectibles."

According to Xinhua News Agency, the first batch of collectibles will be pre-issued with 11 pieces, each limited to 10,000 copies, and a special version with only one copy released. Xinhua News Agency described this as a "special year-end summary, and a digital memory written into the metaverse world."

This article is authorized to be reprinted from Horizon News Network