Tencent-led project becomes first UN-approved standards initiative on NFTs, known as ‘digital collectibles’ in China

  • The first draft of the framework is expected to be completed by the end of 2022, with Tencent group also supported by Ant and institutions
  • Many Chinese tech companies offer NFTs built on consortium blockchains, which are different from popular public blockchains

Tencent is leading a group on standards for NFTs, recognised by UN agency. Photo: Handout

A project on the technical framework for non-fungible tokens (NFTs) led by Tencent Holdings, with the involvement of Ant Group and others, has been approved by a United Nations specialised agency, which the company says makes it the world’s first UN-approved standards project on the digital tokens.

The project, called “technical framework for distributed ledger technology (DLT)-based digital collection services”, has been approved by the International Telecommunication Union, the UN agency for information and communication technologies.

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