UN approves NFT standards proposed by Tencent and Ant Group

New technical structure of NFT

The United Nations telecommunications standardization agency ITU-T has approved the NFT technical framework presented by Chinese tech giants Tencent Holdings and Ant Group.
Tencent and Ant Group’s joint project “Technical Framework for Digital Collecting Services Based on Distributed Ledger Technology (DLT)” was the first project approved by the International Telecommunication Union (ITU), the United Nations specialized agency for information and communication technology (ITU-T).

Since the Chinese government has banned any crypto assets, NFTs in the country are presented as “digital collectibles” and do not use public decentralized blockchains. China is developing its own networks to support NFTs, which must be purchased with RMB. The infrastructure for deploying NFT projects is provided by the state-supported Blockchain Services Network (BSN).

“The international standard aims to define the technical architecture, technical flows, functional and security requirements for blockchain-based digital collectibles. It can help to achieve consensus and common understanding around the world regarding the formation of a technical basis for digital collecting services,” the project participants say in the message.

In addition to Internet giant Tencent and Alibaba subsidiary Ant Group, other Chinese companies, universities and institutions are supporting the development of the project, including the China Academy of Information and Communication Technology, Beijing University of Posts and Telecommunications, Zhejiang Lab Innovation Center and Zhejiang University.

Recall that in October last year, Ant Group and Tencent renamed NFTs to “digital collections” on their platforms. Ant Group, Tencent, and JD.com later signed an agreement with government entities to “self-regulate” NFTs. Recently it became known that Alibaba Group launched NFT in honor of the 2022 Winter Olympics.

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