Tencent – a China-based entertainment conglomerate – has been endorsed on the behalf of the UN to front-run the project discovering the construction of standard security and technical agenda for NFTs (non-fungible tokens). The project named “technical framework for DLT-based digital collection services” is considered to be the initial U.N.-approved proposal for NFTs, as per the state-owned native media.
ITU (The International Telecommunication Union) – a U.N.-based government-sector organization for communication and information technologies – approved the respective project, which would expectedly accomplish the earliest draft till 2022’s end, as per a report published by the South China Morning Post.
At present, any recommendations on the behalf of the ITU just become enforceable and mandatory when they are adopted by the nations as law. The international standard target focuses on indicating the security requirements, functional requirements, technical flows, and technical architecture for the digital collectibles based on blockchain, as Tencent noted in a statement published on Tuesday.
It added that in this way, a common understanding and consensus would be made across the world regarding the creation of a technical agenda for the services of the digital collection. In the meantime, the authorities in China are presently working on creating an autonomous state-based BSN (Blockchain Services Network). The Chinese government would get support from this to deploy NFT projects that are not related to crypto, as the country has once again prohibited the digital assets in 2021’s September.
Several other firms will have a collaboration by Tencent over the initiative, with Zhejiang Lab, Beijing University of Posts and Telecommunications, The Chinese Academy of Information and Communication Technology, and Ant Group (an affiliate of Alibaba) to name a few. NFTs are usually known as digital collectibles in China to evade criticism from the anti-crypto government and media. For this purpose, the NFT-creators from China are inclined to avoid decentralized blockchains like Solana or Ethereum, selecting to develop collectibles over allowed blockchains.
Notwithstanding the apprehension of the country regarding crypto, it is undoubtedly much interested in delving deep into blockchain technology’s likely use cases. At the last month’s end, China declared to begin a nation-wide plan for bringing advancement and innovation into the blockchain sector with a target on the chief areas such as the cross-border finance and its inspection, criminal trials, better implementation of taxes, law enforcement, government-based services of data sharing, energy enhancement, as well as the countrywide production.