The Chinese entertainment giant Tencent will file a set of proposals for a regularization of NFT
. The International Communications Union, a branch of the United Nations, joins the project. At the same time, the initiative is followed by the Chinese government, which nevertheless banned cryptocurrencies in 2021.
The whole project would concern NFTs of an artistic nature and it will be examined by the United Nations before the end of the year.
Towards creating standards for NFT trading
We especially know the giant Tencent for the game PlayerUnknown’s Battlegrounds
, but its hold on the crypto realm is undeniable. The group’s recent move, together with Alibaba subsidiary finance firm Ant Group, as well as a Chinese university, could be a game-changer for NFT trading. The aim is to create a set of standards that will apply to all nationals of signatory states.
Non-fungible tokens, unlike cryptocurrencies, are not banned in China, but they are referred to as digital collectibles, a term that avoids stinging the sensibilities of Beijing, which is very firm on the ban on mining. of crypto on its territory since 2021.
The aim of this project is to issue a text with international value. It aims to ” specify the technical architecture, technical flows, functional requirements, and security requirements for blockchain-based digital collectibles “, reported a spokesperson for Tencent, without knowing more about the use cases and the concrete proposals.
A project approved by the United Nations and China
Even though China is still reluctant to use cryptocurrencies, it does not put NFTs in the same boat. By showing itself open to the management of artistic NFTs, Beijing affirms its ambition to influence the world of blockchain, with the support of the United Nations. Towards the end of the year, we will know more about these agreements which could have a significant impact on the NFT ecosystem.
The Chinese government is helping many companies like Tencent to develop alternative blockchains. These allow companies to minter their own digital objects. A project like Meta Commodity Agreement, initiated by Tencent, was able to set up around thirty digital collections in China. Other blockchains will have a use for administrative, penitentiary and social services, thanks to the technology of smart contracts. They will of course be controlled by the Chinese government.
It has surely not escaped your notice: NFTs are sprouting up everywhere in this vast forest that is the Web. Like mushrooms, there are good ones and bad ones. To avoid falling on a deadly specimen for your wallet, it is important to study them with a magnifying glass.
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Source: CoinTelegraph
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