China Daily, the prominent English-language newspaper steered by the Publicity Department of the Chinese Communist Party, announced the launch of its own metaverse and NFT platform.

According to the announcement and Tender Offer invitation, China Daily is awarding approximately $390,000 (2.813 Chinese yuan) to a third-party contractor (either a Chinese or foreign firm that specializes in blockchain) that can develop the Zhongbao Shuzang NFT issuance platform within three months.

After both parties confirm the form of the digital collection, a single digital collection must be developed and launched for online distribution and promotion within one month. In addition, the mainnet of the blockchain firm that wins the contract must be capable of handling upwards of 10,000 transactions per second.

“In addition to its own platform, based on the project goals and audience groups, domestic and overseas mainstream NFT platforms suitable for issuing digital collections will be selected to issue NFT digital collections. Foreign platforms include but are not limited to OpenSea, Rarible, SuperRare, Foundation, etc.,” the announcement states in part.

China Daily emphasized four crucial elements underlying its metaverse project, described as the cornerstone of its broader initiative. This new venture will focus on refreshing both domestic and international NFT digital assets, with each NFT undergoing a one-month development phase before its online release. Concurrently, AR/VR creations are slated for promotion within two months. Furthermore, the newspaper has outlined a two-month window for finalizing the development and layout of its unique metaverse space.

In terms of the project’s progression, it’s designed to be brisk, with a deadline of Oct. 17 for contractors to submit their application, in addition to a three-month window in which to design the platform.

In June, Bank of China’s investment banking division, BOCI, broke new ground by issuing 200 million yuan ($28 million) in fully digital structured notes in Hong Kong. This is the first instance of a tokenized security issuance by a Chinese financial institution in the region.