Tuesday, May 24, 2022
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UN approves Tencent’s NFT Standards Initiative

Chinese entertainment company Tencent will collaborate with several others including Ant Group subsidiary.

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UN approves NFT standards initiative led by Tencent

Chinese entertainment conglomerate Tencent has been approved by the United Nations to lead a project exploring the creation of a standard technical and security framework for non-fungible tokens (NFTs) .

The project, dubbed a “technical framework for DLT-based digital collection services” will be the world’s first U.N.-approved standards initiative for NFTs, according to state-owned local media.

The U.N. agency for information and communication technologies, The International Telecommunication Union (ITU) approved the project, which is expected to complete an initial draft by the end of 2022, according to a report from the South China Morning Post.

Currently, any recommendations advised by the ITU only become mandatory and enforceable when nations adopt them as law.

” “The international standard specifies the technical architecture, technical flows and security requirements for crypto-based digital collectibles,” Tencent stated in a Tuesday statement.

“It could help drive a consensus and common understanding around the world on the formation of a technical framework for digital collection services.”

Meanwhile, the Chinese government is in the process of developing its own state-backed Blockchain Services Network (BSN).

This will help the Chinese Government to support the deployment of NFT projects unrelated to cryptocurrency, which it banned once again in Sep 2021.

Tencent will collaborate with a number of 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 Zhejiang Lab.

Related: China aims to separate NFTs from crypto via new blockchain infrastructure

In China NFTs are often referred to as “digital collectibles” in order to avoid criticism from the anti-crypto media and government. To avoid criticism from the government and anti-crypto media, Chinese NFT-creators prefer to use permissioned blockchains to create their collectibles, rather than using public or decentralized blockchains like Ethereum or Solana.

Despite the country’s apprehension for crypto, it’s clearly very keen on exploring potential use cases for blockchain technology.

At the end of last month, China announced the commencement of a national plan to expedite blockchain development and innovation across key areas including manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal trials, inspection and cross-border finance.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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