A project that seeks to lay out a technical framework for non-fungible tokens (NFTs), led by Chinese internet giant Tencent Holdings and involving others, such as Ant Group, has become the first UN-approved standards project on the digital tokens, reports the South China Morning Post.
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.
NFTs, more widely known as “digital collectibles” in China, are non-interchangeable units of data stored on a blockchain, which can be sold and traded. Blockchain is a type of distributed ledger technology, a digital record that guarantees the fidelity and security of a record of data without the need for a trusted third party. Blockchains are used for decentralized cryptocurrencies like bitcoin and maintain a secure record of transactions on a peer-to-peer network.