The particular South China Morning Publish, which was founded in Hong Kong in 1903, has become Asia’ s first news corporation to support a new blockchain standard for connecting, discovering, and collecting historical and archive items.
South China Morning Post Forays Into NFTs
According to a press release, the newspaper will use non-fungible token (NFT) technology to allow anybody to have and exchange historical times covered by generations of media with the newspaper, such as the handover of Hong Kong to The far east on July 1, 1997. The newspaper introduced “ARTIFACT, ” a standardized model for recording accounts of the past and historical assets at the blockchain as NFTs.
“Blockchain offers immense potential to immutably preserve journalism that witnesses and explains history, ” mentioned Gary Liu, chief executive of the Post . “The ARTIFACT project is an opportunity to discover, collect, showcase, trade, and reanimate significant moments and objects from your collective human experience, and are excited to introduce this standard to the world.
The publication, that was purchased by Alibaba in 2016, will begin with a collection of NFTs minted from traditional moments from its 118-year archive. it aims to create a “standard for recording accounts of the past and historical assets over the blockchain, ” as noted in the project’s litepaper.
“With history tokenized as ARTIFACTs, everybody will have the opportunity to discover, gather, showcase, trade, and reanimate meaningful moments and objects from our collective human experience. ”
The news company will create a “ standardized metadata structure” that individuals may use to generate history, or “ tokenized background, ” in this case. NFTs ARTIFACTs are NFTs constructed with the intention of preserving background and later being discovered, connected, and shown.
It intends to be chain-agnostic, unlike other tasks, in order to reach a larger market. It will, however , use unnamed blockchains at first. To begin with, it can tokenize its media store in order to show the standard’ s use.
“In order to showcase the practical usage of this metadata structure, we are also announcing ARTIFACTs by SCMP, which are collectible NFTs created from SCMP’s historical news assets”
Related post | NFT Marketplace Rarible Raises $14 Million In Series A Funding Round
The NFT will also safeguard the immutability plus dispersed ownership of SCMP’ s “ first drafts of history, ” according to the statement. Primary NFT sales, royalties on secondary transactions, and fees for secondary transactions will all produce revenue for the media company.
The South China Morning Post isn’ capital t the first news organization to consider tokenizing history. TIME Maganize created and auctioned 3 NFT covers before South Chin Morning Post, and CNN sold its historic new moments as NFTs last month.
In addition to the ARTIFACT task, the Article is also within a partnership with The Sandbox, a blockchain-based game-making platform possessed by Hong Kong digital enjoyment and blockchain company Animoca Brands. Through this collaboration, Liu said the Post is working on building academic video games where users can interact with various ARTIFACTs, similar to walking through a virtual art gallery or theme park.
“It’s a partnership to create interactive academic experiences in the metaverse utilizing the Post ’s 118 years of journalism, ” Liu said. “So our hope is that with time, we will create metaverse environments for people to experience historical Hk, historical China and to purchase beauty and the complexity of this part of the world. ”
ETH/USD falls below $2, 000. Source: TradingView
Related article | NFTs In A Nutshell: A Weekly Review
Featured image from Pixabay, Charts from TradingView. com