8.2 C
New York
Saturday, July 31, 2021
HomeCryptoCurrency118 years of history will be converted into NFT by this newspaper

118 years of history will be converted into NFT by this newspaper

“The factual accounts of history and authentic historical assets must be immutable, and the ownership of these digitized and tokenized assets, which are part of our collective human experience, must be decentralized.”

In this way, Hong Kong’s largest English-language media outlet, the South China Morning Post (SCMP), announced today its entry into the world of non-tokens. fungibles (NFT).

To achieve its mission in the collectible token market, SCMP partnered with the Ethereum-based platform, The Sandbox . The intention is to transfer 118 years of history told by the media, to a decentralized virtual space.

The NFTs will be based on the archive of documentary photographs, illustrations visuals, data visualizations and infographics of the newspaper founded in 1903.

In this sense, SCMP has created a metadata structure standardized to tokenize history in NFT format, which they have called “ARTIFACTs”, according to a statement presented on July 19.

ARTIFACTs: a standardized structure to tokenize history

ARTIFACTs will work with some blokchains, SCMP noted, although it did not reveal what they would be. Initially, will only be able to issue the tokens by a group of trusted partners who are globally recognized owners of ‘authentic historical assets’.

The plan also includes a decentralized authentication process that will eventually allow anyone to tokenize assets using the ARTIFACT standard.

From SCMP they consider that ARTIFACTs will allow its users to discover, collect, exhibit, exchange and relive moments and significant objects of their collective experience in Hong Kong.

According to the organization, another of its objectives is « take the first steps towards creating greater value from the ‘first drafts of history’. ”

Gary Liu, CEO of SCMP, indicated blockchains have the potential to preserve journalism that witnesses and explains the story. “The South China Morning Post is committed to engaging and educating a global audience with information and technology,” he added.

NFT: a growing industry

The fact that different sectors such as communications, in the case of SCMP or sports, film and entertainment join the NFT market, has allowed it to become a much larger industry than which was in 2020 .

The growth of the NFT industry so far in 2021 is not able, compared to the previous year. Source Reuters / Dapp Radar.

In this sense, CriptoNoticias reported that the NFT market sales volumes , during the first half of 2021 were USD 2.5 billion. In the same period but the previous year, transactions were only USD 13.7 million.

Another media outlet that entered the world of NFTs was the famous North American magazine TIME . Last March it announced the launch of three tokens in reference to three covers of the publication.

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read