As per the latest reports, the South China Morning Post has made an announcement in regards to its adoption of non-fungible token (NFT) technology. South China Morning Post (SCMP), a veteran newspaper agency from Hong Kong has announced the launch of NFTs.
The newspaper agency has announced that it is planning to create and launch the series around the non-fungible tokens. According to SCMP, it will be adopting and coming up with a new kind of token for the particular purpose.
The name of the particular non-fungible token being launched by the South China Morning Post is ARTIFACT. According to SCMP, the reason behind the creation and launch of the non-fungible token is the preservation of the historical assets. As blockchain has become one of the widely adopted products, therefore, the SCMP has chosen the blockchain network over other networks/technologies.
The firm has also presented the Litepaper for the ARTIFACT NFT, in the Litepaper, the firm has revealed what it aims to achieve with the new project. The firm has provided an overview of the aim and goal it aims to achieve with the launch of the new project.
The team working on the development of the NFT has also shared more information around the NFT. They have revealed that the NFT will be based on some of the most memorable moments that the firm has gathered in its 118-year-old experience.
The firm is aiming to integrate the key moments from its history from its foundation to the latest achievements in the form of NFTs. The firm is now going to preserve this data in the form of NFTs, which would always be in circulation and will be owned by others.
The CEO at SCMP Gary Liu has shared the significance of launching the NFT on behalf of the firm. As per Liu, blockchain technology offers great potential in the adoption and advancement of journalism. Its great potential for the saving and circulation of media assets and information has compelled SCMP to make this move.
Liu stated that the ARTIFACT project would be providing users the ability to reanimate meaningful moments, trade, showcase, collect, and discover. It would also offer users the ability to reanimate objects from the experiences of the workers that have worked at SCMP.
According to the development team, the NFTs for the SCMP will be mainly inspired by the archive of documentary infographics, data visualizations, visual illustrations, and photography. The NFTS will be representing the first drafts of history from the journalism point of view.
These particular drafts include illustrations, cartoons, photographs, and texts that the news reporting firm has amassed over the century.