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World First NFTs Standard Initiative Approved by UN.

Permission has been given to the Chinese entertainment giant Tencent to lead a part-paving project to create a Standard Technical and Security Framework for Non-Fungible Token (NFTs).

A report from the Chinese media post disclosed that the project is expected to complete an initial draft by the end of 2022, having the approval and backing of the International Telecommunication Union (ITU) and the United Nation’s agency for Information and Communication Technology.
The statement released by Tencent on Tuesday showed that “the International Standard goal is to show the technical architecture, security requirement and technical inflows for blockchain-based digital collectibles.”

Any of the International Telecommunication Union (ITU) endorsements only become enforceable and compulsory when the draft is adopted as law by the nation.
Tencent will join forces with Alibaba subsidiary Art Group and a good number of others to see to its success of it. The project would be the first-ever project having the United Nation’s approved standard initiative for NFTs in the world; it is themed; Technical Framework for DLT-Based Digital Collection Services,” as disclosed by a local state-owned media outlet.

To help the Chinese government support the deployment of NFT and other unrelated cryptocurrency projects, the government is working on the process of developing its own state-support Blockchain Service Network (BSN)
Recalled the cryptocurrencies and their related services in the nation. But despite its stands on crypto, the nation is willing to explore the use cases of blockchain technology and its potential. NFTs in China are widely referred to as “digital collectibles” to stay free from its anti-crypto government and media. And Chinese’ creators of this digital asset mostly tend to avoid public blockchain opting for permissioned blockchain.

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