China's Largest News Agency, Xinhua, Launches Its NFT Collection

Despite China’s crackdown against crypto, the country’s biggest news agency is planning to launch an NFT collection in the form of non-fungible tokens.

In an official announcement on Wednesday, Xinhua will issue a total of 110,001 copies of unique photographs taken in 2021. According to the statement, the digital items will be made up of 11 collections consisting of 10,000 copies, each with one special edition release, which will be available on the Xinhua mobile app on Friday, Dec. 24, Christmas Eve.

The development indicates an increasing interest in virtual assets and blockchain technology, despite several warnings by the People’s Bank of China (PBoC) about the potential risks associated with the asset class.

Xinhua noted that the collection has a “special memorial significance,” adding that it “recorded many precious historical moments in 2021," like the Chinese Communist Party’s 100th anniversary in July and China’s recent milestone of administering more than 2.7 billion Covid-19 vaccine doses nationwide.