Chinese Media Xinhua Will Issue NFTs During Crypto Crackdown

Policymakers in Beijing have banned all crypto-related transactions. However, China’s official Xinhua News Agency plans to issue news collectibles based on technology used in NFTs.

These collections are from this year’s photojournalism reports. They will be released for free via its news app at 8 pm on Friday. The agency said in its announcement on Wednesday.

Despite China’s total crackdown on the crypto sector, this has banned almost all activities from exchanges and initial coin offerings to mining and trading in the past few years. Other media such as the New York Times and CNN have earlier provided similar services.

Although the Chinese authorities did not mark the NFT as illegal, it is a gray zone. Any participant must exercise caution to avoid unnecessary scrutiny. Domestic companies such as Tencent Holdings Co., Ltd. and Ant Group Co., Ltd. have issued NFTs on their strictly controlled blockchain platforms. The domestic media has warned the NFT of blind speculation.

NFT runs on public agreements such as Ethereum trades freely outside of China and can sometimes earn millions of dollars. The NFT of the New York Times column on NFT sells for $560,000.

The agency stated that Xinhua News Agency’s digital news collections would have unique identity and ownership information on Tencent Cloud’s blockchain, with special commemorative significance and collection value. Tencent and Ant previously also changed the name of the NFT on their platforms to “digital collectibles.

According to Xinhua News Agency, 11 vehicles will be provided in the first batch, each limited to 10,000 cars, with special editions attached. You can Now Purchase Steph Curry's NFT Replica of His Famous Sneakers' to Wear in Metaverse

You can Now Purchase Steph Curry’s NFT Replica of His Famous Sneakers’ to Wear in Metaverse

The National Basketball Association player and recent cryptocurrency converter Stephen Curry released 2,974 irreplaceable tokens containing digital copies of the shoes he wore when he broke the 3-point scoring record this month, allowing the owner to pay for three Show off them in different meta-universes.

Priced at US$333 and sold out, the NFT price cut allows buyers to exercise these shoes on three Ethereum-based Meta Festival platforms: Eric Schiermeyer’s Gala Games, Animoca Brands’ The Sandbox, and Decentraland. According to a dedicated website established in cooperation with Under Armour Inc., Curry’s natural sneaker brand, the net proceeds from the sale will be donated to organizations that support sports.

The popularity of NFTs this year is partly due to celebrity endorsements and the high prices paid for the most famous examples, which sparked a speculative boom. The digital Genesis Curry Flows sneakers are an early attempt at one of the NFT’s promises: to allow a person to purchase a digital product once and then use it in various games or virtual experiences.

One of the features they inherited from the game field is the loot box mechanism. There are five variants of shoes, and they are becoming scarcer, and each owner does not know which one they will get in advance.

The platform points interested parties to the OpenSea secondary market, where most of the NFT speculative frenzy occurred.

To sum up, Curry and his fans of nearly 3,000 NBA three-pointers might have to trade with others due to the scarcity of sneakers. Still, despite their enthusiasm for this developing field, a recent Chainalysis study found that Only a small number of insiders are reaping most of NFT’s benefits.

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