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Tencent Receives UN Authorization to Create NFT Security Standards



 The project is the first UN-approved initiative to create standards for NFTs.


Chinese multinational technology and entertainment conglomerate Tencent has received UN approval for the Technical Framework for Digital Collection Services Based on Blockchain, a project to create a security framework and technical standards for Non-Fungible Tokens (NFTs).


State-run local media reported earlier this week that the first project of this kind was jointly developed by Tencent and Ant Group, China Academy of Information and Communications Technology, Beijing University of Posts and Telecommunications, Zhejiang Laboratory and other industrial, academic and research institutions was proposed.


The project is expected to complete a first draft by 2022. It is currently the world's only UN-approved research initiative into creating global standards for NFTs.


Approval was granted by the International Telecommunication Union, the United Nations Agency for Information and Communication Technologies (ITU). All ITU recommendations can become binding and enforceable if a country adopts them as law.


" The international standard aims to specify the technical architecture, technical operations, functional requirements, and security requirements for blockchain-based digital collectibles," Tencent said in a press release.


The project will play a crucial role in achieving a global consensus and common understanding on the formation of a technical framework for digital debt collection services, the company added.


Tencent has extensive hands-on experience in blockchain and digital collectibles.


Last year, the company's Zhixin Chain team led a project that launched the "Meta Commodity Agreement," a complaint and open technology for digital collections that allows companies to create their own digital collectibles. The team has also successfully supported the implementation of over 30 digital collection projects within just 6 months of launch.


In China, NFTs are labeled as digital collectibles to avoid getting caught up in the anti-crypto government and media sentiment. Creators avoid Ethereum or the Solana blockchain, opting to generate their NFTs on permissioned blockchains.


However, despite the critical stance towards crypto, the Chinese government has been keen to explore alternative use cases for blockchain technology.

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