SCMP Publishes White Paper for NFT Standard on Flow Blockchain

The oldest English-language newspaper in Hong Kong, the South China Morning Post (SCMP), published the white paper for a new NFT standard named Artifact.

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The publication plans to release its first collection of non-fungible tokens using it. The initiative aims to preserve documentary photographs, illustrations, as well as data visualizations and infographics.

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Artifact’s framework is built on the Flow blockchain, led by Dapper Labs—the developers of the NFT project NBA Top Shot.

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“Through the technical document, we hope to inspire other ‘keepers of history’ to adopt our vision of making history more accessible and suitable for collecting,” CoinDesk quotes the newspaper’s CEO Gary Liu as saying.

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In July, Alibaba-owned SCMP for the first time disclosed plans to tokenize the 118-year-old archive as non-fungible tokens.

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In the same month, the Taobao, a Chinese online shopping platform that is part of the corporation, allowed the sale of NFT at its festival.

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As regulators intensified pressure on the cryptocurrency industry in China, tech giants Ant Group and Tencent distanced themselves from the term “NFT”.

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Earlier, collectible assets were not mentioned in the authorities’ statements. However in September, state media warned citizens against buying non-fungible tokens due to a potential bubble in the sector.

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