Collection Of Historical Chinese Paintings To Be Made Into Digital Art
According to the latest reports from China, the country is about to enter an NFT gold rush. While non-fungible tokens (NFTs) have seen their popularity peak this spring globally, creating a multi-billion dollar market in a matter of weeks, China has mostly remained behind the global trend and hasn’t seen a huge spike in popularity when it comes to the new asset class.
However, judging by the latest news coming from the country, all of this is about to change.
According to the latest report from BlockBeats, one of China’s largest blockchain networks is about to launch a serious campaign that might push NFTs to the forefront of blockchain. During staff training event at BSN, Chairman of Hunan Soyun Network Technology Luo Wei proposed the launch of a new Integrated Digital Art (IDA) project. Essentially the same as a non-fungible token, the new Integrated Digitial Art (IDA) project was created to promote traditional Chinese culture and artwork.
During the meeting, Wei noted that the theme of the project should be “Using Blockchain to Globalize Traditional Chinese Culture.” He explained that throughout the project, the company will select paintings and other works of art with high cultural and artistic value and created reproductions of them in limited series. Each reproduction will have an individual serial number and be paired with a unique digital art ownership certificate based on BSN’s federated blockchain.
The first batch of integrated digital artworks will be a limited edition of ten famous paintings from the Rong Bao Zhai collection. The collection is set to launch on July 30th in Beijing, BlockBeats reported, but few other details about the launch were revealed. Rong Bao Zhai is a famous stationery, calligraphy, and painting shop based in Beijing that has been around since 1672. Until 1894, the shop was called Song Zhu Zhai, when it adopted its current name. The shop has since become a leader in watercolor block printing, a type of block printing used to reproduce famous traditional prints and calligraphy. China’s Ministry of Commerce has recognized Rong Bao Zhai as a “Chinese Time-Honored” enterprise, giving it a status of cultural significance.
Launching artwork from Rong Bao Zhai as an NFT will enable the company to attract both traditional art collectors and technology-savvy investors.
While no further details about the sale of the integrated digital art have been revealed, previous similar efforts within the country have shown that there is a very slim chance that the art can be purchased with cryptocurrencies. Earlier this week, Alipay launched a proprietary NFT sales platform, enabling its hundreds of millions of users to buy limited edition artwork with fiat currency. And while many crypto advocates pointed out that buying NFTs with fiat defeats their purpose, it’s in line with China’s larger effort to develop blockchain technology but curb the use of digital currencies.