UN approves NFT standards proposed by Tencent Holdings

February 10, 2020

By Tiasha Chatterjee

Tencent Holdings, collaborating with the Ant Group and other companies, has come up with a technical framework to create non-fungible tokens (NFTs). It has become been approved by a United Nations specialized agency, International Telecommunication Union. State-media reports confirm that it is the first project on digital token standards to have been approved by the UN.

Here’s what we know so far:

  • The project, known as the “technical framework for distributed ledger technology (DLT)-based digital collection services”, was authorized by the International Telecommunication Union, a UN agency that is in charge of information and communication technologies.
  • The framework which intended to introduce an NFT standard has also suggested technical and security requirements for the NFTs or digital collectibles on the blockchain. These international standards are now to be seen as referenced recommendations and will become mandatory when every other nation adopts the same.
  • The first draft of the project by Tencent Holding is expected to be finalized by the end of 2022, whereas the final draft will be completed before it is submitted next year, as per a report published by South China Morning Post.
  • While the Internet giant Tencent Holding is leading the project, it is backed up by other companies such as the Ant Group, Beijing University of Posts and Telecommunications, China Academy of Information and Communication Research (CAICT), and Zhejiang Lab, a research institute supported by the Zhejiang Province.
  • NFTs are known as digital collectibles in China in order to avoid connection to NFTs, as the state media has heavily criticized the NFT frenzy.
  • Although the ban on cryptocurrency has prevented Chinese companies from utilizing public blockchains for NFTs, they have soon come up with their own blockchain for non-crypto non-fungible tokens.

 


About the author

Tiasha Chatterjee is a content writer with a great curiosity to learn about new things. Combining this curiosity with her interest in the English language, she loves to write about different subjects, including blockchain. When not writing, you’ll find her surrounded by her cats, soaking up another book.

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