Tencent introduced the first set of NFT standards approved by the United Nations, but it is unlikely that the world has bought it

Tram Ho

Chinese tech giants are also actively participating in the NFT playing field, but in their own way. Recently, Tencent Holdings, in cooperation with Ant Group and a number of other organizations, has developed a technical foundation project for NFTs and is said by the company to be the first technical standard project on digital tokens. Digital approved by the United Nations.

Called the “Technical Framework for Digital Collection Services Based on Distributed Ledger Technology”, the project was approved by the International Telecommunication Union, a United Nations agency for telecommunications and information technology.

Tencent giới thiệu bộ tiêu chuẩn NFT đầu tiên được Liên Hiệp Quốc phê duyệt, nhưng chưa chắc thế giới đã mua được - Ảnh 1.

In China, NFTs are commonly known as “digital collections”, which are irreplaceable units of data stored on the blockchain that can be bought and sold. But if NFT projects around the world often use public, decentralized blockchains – often on cryptocurrencies – then NFTs in China are minted on centralized, locally controlled blockchains. controlled and must be traded in renminbi.

These seeming paradoxes are due to the Chinese government’s strict ban on cryptocurrencies. In addition, due to being forced to trade in RMB, NFTs created in China can hardly be traded on the international market as well as vice versa.

Currently, the Chinese government-backed blockchain services network (BSN: Blockchain Services Network) has deployed the infrastructure to support the inclusion of NFT projects that do not involve cryptocurrencies.

Led by Tencent, the project is also supported by many other companies, universities and institutions, including Ant Group, China Academy of Information and Communication Technology, Beijing Postal University. and Zhejiang Laboratory, Zhejiang University and Alibaba Group.

 

Tencent giới thiệu bộ tiêu chuẩn NFT đầu tiên được Liên Hiệp Quốc phê duyệt, nhưng chưa chắc thế giới đã mua được - Ảnh 2.

The technical standard aims to specify the technical architecture, technical processes, functional requirements, and security requirements for blockchain-based digital collections, and it can help promote the worldwide consensus and understanding on the formation of a technical framework for digital collection services .” Tencent said in its statement on Tuesday.

The first draft of this standard is expected to be completed by the end of 2022, and the final draft will be completed next year, before being formally submitted.

Many Chinese tech companies are offering NFTs built on concatenated blockchains. They are completely different from the public blockchains used to support cryptocurrencies such as Bitcoin or Ethereum. China’s consortium blockchains are a mixture of private and public blockchains, overseen by centralized institutions and without the participation of the public.

Chinese tech firms including Bilibili, Tencent, Alibaba, JD.com, Baidu, Xiaomi and Xiaohongshu all sell their own digital collections. In July 2021, Tencent’s blockchain team, Zhixin Chain was the first in China to launch a digital collectibles technical service called “Meta-Artifac Protocol”, which underpins more than 30 projects of the company. R-Space belongs to Xiaohongshu.

Refer to SCMP

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Source : Genk