China Daily has announced the development of a platform for non-fungible tokens (NFT) that will support Metaverse technologies. The company will allocate ~$390,000 for this project and attract local and foreign blockchain experts to work on the marketplace.
China Daily, an English-language publication owned by the Communist Party of China, has announced its intention to create Yuanverse, a Metaverse-based platform with NFT marketplace Zhongbao as its core element.
The company is willing to allocate 2.813 million yuan (~$390,000) to develop the NFT platform, which should be fully ready within three months of contract award. The tender requirements also state that the contract can be awarded to either a Chinese or foreign blockchain company. All applicants ready to take part in Zhongbao’s development must submit bids by October 17.
Among the key requirements for blockchain companies whose bids will be reviewed by China Daily are:
- the blockchain network of the development company should be capable of processing over 10,000 transactions per second;
- technical skills in developing a website, client application, and mobile application;
- experience with tools for collecting statistics and analyzing user data;
- the blockchain company will have to create at least ten NFT collections during the project maintenance period, at least five of them will have to be released on foreign NFT platforms;
- projects related to Metaverse technologies should be among the applicant’s cases.
Requirements for the functionality of the NFT marketplace:
- developing a user-friendly, appealing, and adaptive UI;
- supporting the development, testing, and deployment of smart contracts for digital collections;
- integrating pricing and auction creation functionality;
- enabling integration with existing blockchain platforms;
- providing cross-chain interoperability with other NFT marketplaces, namely OpenSea, Rarible, SuperRare, and Foundation;
- meeting the regulatory requirements of local regulators;
- implementing multi-currency online payment functionality;
- providing mechanisms for authentication of user identity.
The primary goal of creating Yuanverse and China Daily’s NFT platform is to popularize Chinese culture and support cutting-edge technology.
In spite of the authorities’ strict ban on all types of crypto transactions in the country, the government actively trains blockchain specialists and has ambitious plans for the development of Metaverse technologies.
Recently, the PRC authorities have proposed to introduce digital IDs and penalties for actions committed in virtual space into the global Metaverse standards.
