The Chinese multinational technology and entertainment conglomerate and holding company, Tencent is going to collaborate on the project with some other companies such as Alibaba subsidiary Ant Group. According to the latest sources, the Chinese entertainment company Tencent has been received approval from the United Nations to handle the project exploring the creation of a standard technology and security framework for the non-fungible tokens (NFTs). Due to this step, a movement can be noticed in the market in several tokens or coins as well.
As per the reports, the dubbed, project “Technical Framework for DLT-based digital collection services” will be the first world’s standards initiative for NFTs approved by the UN, according to state-owned local media. Along with this, the reports of the South China Morning Post revealed that the UN agency and the International Telecommunication Union (ITU) have been approved the project for information and communication technologies, which is expected to be finished by the end of 2022. Well, any recommendations advised by the ITU become important, mandatory, and enforceable when the nation gets ready to adopt them as their law.
Also Read: ADA Price Forecast Today
Tencent released a statement on Tuesday in which the company wrote,” The international standards aim to specify the technical architecture, technical flows, functional requirements, and security requirements for blockchain-based digital collectibles”.
With all of this, it is also believed that the Chinese Government is in the process of developing its own state-backed Blockchain Services Network (BSN). Because of this, it will provide the Chinese Government with to support of the deployment of NFT projects which were not related to cryptocurrency. It was banned last year in September.
Also Check: Solana Long Price Prediction
A statement reads,” It could help drive a consensus and common understanding around the world on the formation of a technical framework for digital collection services”. As we have told above Tencent will unite with some other companies on the initiative including Alibaba affiliate Ant Group, The Chinese Academy of Information and Communications Technology, Beijing University of Posts and Telecommunications and Zheijang Lab.
To avoid criticism from anti-crypto media and government, the China NFTs are always referred to as “Digital Collectibles”. The NFT-creators of China tend to avoid public or decentralized blockchains like Solana or Ethereum, opting to create their collectibles on the permission-able blockchains.