Xinhua, China's state-run news agency, will issue NFTs.

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Xinhua, China's official state-run news agency, announced today that on Christmas Eve at 12 p.m. UTC, it will distribute a series of free NFTs via its news app.

According to the official announcement, Xinhua's NFT release will include 11 photojournalism collections, each limited to 10,000 copies, and one "special edition" collection, all of which will capture "many precious historical moments of 2021."

The Chinese Communist Party's centenary celebration at Tiananmen Square is commemorated in the new collection, as is the country's achievement of administering over 2.7 billion vaccine doses.

To manufacture the collectibles, Xinhua has turned to the country's government-approved Zxchain—the blockchain of local social media behemoth Tencent.

 

Crypto in China

Given the Chinese government's official attitude on cryptocurrency, today's announcement may appear to be a contradiction; Chinese officials have cracked down on crypto firms in the country this year, sending shockwaves through worldwide markets.

When three of the country's largest payment processors reaffirmed their support for the central bank's 2017 ban on cryptocurrency transactions, bitcoin values plummeted.

Chinese officials began shutting down mining operations within the country's borders by the middle of the summer, disconnecting power to at least 26 mining farms in Sichuan province alone. Local mining operations in Xinjiang have also been ordered to shut down by authorities. Since then, Chinese crypto miners have moved abroad, and the United States has surpassed China as the world's largest Bitcoin mining market—all while Bitcoin's hash rate has rebounded from its summer dip.

Despite the Chinese government's negative stance on crypto, the country's investors have poured money into the emerging 'metaverse', a drive to create shared virtual worlds that's expected to be underpinned by crypto and NFTs.

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