UN approves NFT standards initiative led by Tencent

Chinese amusement conglomerate Tencent has been approved by the United Nations to pb a task exploring the instauration of a modular method and information model for non-fungible tokens (NFTs) .

The project, dubbed a “technical model for DLT-based integer postulation services” volition beryllium the world’s archetypal U.N.-approved standards inaugural for NFTs, according to state-owned section media.

The U.N. bureau for accusation and connection technologies, The International Telecommunication Union (ITU) approved the project, which is expected to implicit an archetypal draught by the extremity of 2022, according to a report from the South China Morning Post.

Currently, immoderate recommendations advised by the ITU lone go mandatory and enforceable erstwhile nations follow them arsenic law.

“The planetary modular aims to specify the method architecture, method flows, functional requirements, and information requirements for blockchain-based integer collectibles,” wrote Tencent successful a connection released connected Tuesday.

“It could assistance thrust a statement and communal knowing astir the satellite connected the enactment of a method model for integer postulation services.”

Meanwhile, the Chinese authorities is successful the process of processing its ain state-backed Blockchain Services Network (BSN).

This volition assistance the Chinese Government to enactment the deployment of NFT projects unrelated to cryptocurrency, which it banned erstwhile again successful Sep 2021.

Tencent volition collaborate with a fig of different companies connected 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 abstracted NFTs from crypto via caller blockchain infrastructure

In China NFTs are often referred to arsenic “digital collectibles” successful bid to debar disapproval from the anti-crypto media and government. For this reason, Chinese NFT-creators thin to debar nationalist oregon decentralized blockchains specified arsenic Ethereum oregon Solana, opting to make their collectibles connected permissioned blockchains.

Despite the country’s apprehension for crypto, it’s intelligibly precise keen connected exploring imaginable use cases for blockchain technology.

At the extremity of past month, China announced the commencement of a nationalist program to expedite blockchain improvement and innovation crossed cardinal areas including manufacturing, energy, authorities information sharing and services, instrumentality enforcement, taxation, transgression trials, inspection and cross-border finance.