Fingerlabs launches Web3 solution to help partners build membership NFTs

SK C&C Issues Voluntary Carbon Offsets on Blockchain-Based Credit PlatformSK C&C, the information communications technology arm of South Korean conglomerate SK Group, said last Thursday that it has issued a total of 186,595 carbon offset credits through 19 projects on the blockchain-based carbon reduction certification and credit trading platform Centero.Amidst the ever-growing challenge of climate change, industries and companies around the world are attempting to reduce their carbon output and reach net zero emissions through involvement in carbon finance — specifically, carbon credit markets.Photo by Jas Min on UnsplashUnderstanding carbon marketsThere are two types of carbon markets — the compliance market, which uses a cap-and-trade system, consists of governments and companies that are legally mandated to offset their carbon emissions. On the other hand, the voluntary carbon market (VCM) operates outside of mandatory frameworks and uses a project-based system to allow companies, organizations, and individuals to trade carbon offset credits voluntarily. Each of these carbon offset credits represents the reduction of one metric tonne of carbon dioxide or greenhouse gas (GHG) emissions. Participants in the voluntary market are mainly driven by their corporate social responsibilities, shareholder pressure, or PR motives.Revolutionizing voluntary carbon reductionCentero — short for Center of Net Zero — provides a one-stop registry service that enables monitoring, reporting, and verification of greenhouse gas reduction projects in the VCM, and issues certified carbon reduction credits to support credit transactions with companies that are pursuing net zero goals. It was developed by SK C&C and is currently operated by the KCCI Center for Carbon Reduction Certification according to the KCCI Carbon Standard, which evaluates and certifies carbon reduction efforts.Centero takes care of the entire process of voluntary carbon reduction projects, from preparation to registration and execution, credit certification, and credit distribution. Its advantage also lies in its transparent management of carbon reduction projects and resources that reflect global regulations and standards, from organizing project information to keeping records of carbon reduction credits. Companies can also buy and sell credits on Centero’s intermediary carbon credit marketplace.Voluntary carbon reduction projects span a vast range of industries, from manufacturing and chemicals to information technology (IT) and construction. Current ongoing projects include carbon capture and waste management initiatives.Notably, Centero manages all credit information and transactions using blockchain technology. It makes all relevant information accessible to companies — including information about certifiers, verification, and quantity of issued credits — thereby increasing security and transparency in transactions. Credit-related events, such as the transfer of ownership, are also managed through blockchain processes.Through its most recent achievement, Centero has demonstrated a total carbon reduction effect of 186,595 tonnes.“The mandatory market has limited corporate participation, resulting in insufficient trading volume and difficulties in handling the demand for carbon emission rights due to the strengthening of global GHG emission regulations. Through Centero, we will encourage participation from local companies and organizations in voluntary carbon reduction projects and help accelerate a privately-led voluntary carbon market,” said Bang Soo-in, Head of SK C&C’s Digital ESG Group.

State-Owned Newspaper to Launch NFT Platform in ChinaChinese government-owned media outlet China Daily, under the guidance of the Publicity Department of the Chinese Communist Party, has allocated a substantial budget of 2.813 million yuan (equivalent to $390,000) for the development of an NFT platform.Photo by Hanson Lu on UnsplashInviting bids from home and abroadThe move will open the door to both domestic and international blockchain technology firms, inviting them to spearhead the creation of the platform. According to a public tendering announcement published last month, the chosen firm must operate on a blockchain mainnet capable of handling over 10,000 transactions per second, ensuring top-notch performance and reliability.One of the platform’s key features will be its user-friendly interface, allowing users to effortlessly upload, display, and manage their digital collections. It will support a wide range of multimedia formats and diverse collection types, making it a versatile hub for creative expression. Additionally, the platform will offer advanced functionalities like pricing, bidding, limited-time offers, and multi-currency settlement to ensure a comprehensive and satisfying user experience.Extending the reach of Chinese cultureThe core objective of the China Daily NFT Platform is to amplify the global influence of Chinese culture by seamlessly blending technology and culture in the metaverse. This ambitious strategy integrates cutting-edge technologies such as virtual reality (VR), augmented reality (AR), mixed reality, blockchain, non-fungible tokens (NFTs), big data, and cloud computing.In an effort to expand the global reach of their digital collections, China Daily intends to collaborate with both domestic and international mainstream NFT platforms. This ambitious plan includes partnerships with well-known foreign platforms such as OpenSea, Rarible, SuperRare, and Foundation. Despite the rigorous regulatory landscape and scrutiny that blockchain entities face in China, this approach aims to make Chinese digital collections more accessible to a global audience.The urgency and importance attached to this project are evident in the tight timeline set by China Daily. The chosen contractor must submit their application by October 17 and complete the development of the platform within three months, highlighting the publication’s commitment to this venture.NFT platform development despite crypto banHowever, it’s important to acknowledge that this initiative unfolds within the backdrop of stringent cryptocurrency regulations in China. Since 2021, although NFTs have not been banned, all forms of cryptocurrency transactions have been prohibited in the country, and blockchain entities operating within China face intense regulatory oversight.In May the Supreme People’s Procuratorate of China issued a warning relative to NFTs on the basis that they have crypto-like properties. However, the agency also acknowledged that NFTs do present a novel application of blockchain technology.Recent events, including the detention of former China Evergrande executives Xia Haijun and Pan Darong for alleged involvement in fraudulent activities, underscore the strict regulatory environment prevailing in China.Within the Chinese autonomous territory of Hong Kong, the South China Morning Post (SCMP) spun out Artifact Labs, an NFT company, following an initial decision in 2021 to launch an NFT standard called artifact.China Daily’s foray into the NFT space demonstrates that some facets of blockchain innovation are being leveraged within China, in this instance with a view towards cultural promotion and global engagement.

Official Says Hong Kong Should Invest in Web3 EconomyAccording to Hong Kong’s financial secretary, Paul Chan, this is the perfect time for Hong Kong to promote the development of Web3, the next-generation version of the World Wide Web that is decentralized and distributed through the use of blockchain and similar technologies.©Pexels/Tara WinsteadLearning from the dot com boomDespite the recent instability of the virtual assets market and the collapse of some digital asset exchanges, Chan has pointed out that the quality of the real economy has improved since the dotcom bubble burst in 2000, and surviving market players have focused on technological innovation, applications and value creation.In remarks made via a blog post published on Sunday, Chan argues that the development of Web3 is going through the same process. He suggested that the next stage of development would be to focus on developing blockchain technology more deeply to find wider application for it, which would improve existing business models, ultimately benefiting users and improving the quality of the real economy.To accelerate the development of Web3, Chan allocated HK$50 million (US$6.4 million) to the Cyberport business park to organize major international conferences and youth workshops in his latest budget released in February.VASP licensingChan also announced that authorities would introduce a licensing regime for virtual asset service providers (VASPs) in June to ensure appropriate supervision and minimize risks in the innovation and development of Web3. Furthermore, the government is looking into regulating stablecoins or cryptocurrencies with their value pegged to another currency or commodity.According to some local experts, Hong Kong should not delay in pushing Web3 development, and the government should work out clear policies to attract overseas investors and Web3 developers to set up offices in Hong Kong.Working towards a Web3 hubFrancis Fong Po-kiu, honorary president of the Hong Kong Information Technology Federation, told the South China Morning Post that the government could help by building up infrastructure such as data and supercomputing centers to help small and medium-sized enterprises to adopt more advanced technology.Although IT sector veteran Joseph Leung Wai-fung agreed that Hong Kong was lagging Singapore in terms of Web3 development, he suggested that the government should step up efforts to attract overseas investors and Web3 developers by working out clear policies to support them in setting up offices in Hong Kong. He also pointed out that Web3 covers key areas such as artificial intelligence, the Internet of Things, blockchain technology, and metaverse augmented reality, and that every international smart city should explore this area.The recent fluctuations in virtual asset markets and the collapse of some online trading platforms have cast doubts on the future of Web3, but Chan believes that competent market players who survive a “burst bubble” can focus on innovation and make significant strides.The government’s efforts to accelerate the development of Web3 through the allocation of HK$50 million to the Cyberport business park, the introduction of a licensing regime for virtual asset service providers, and the regulation of stablecoins, are steps in the right direction. However, more needs to be done to attract overseas investors and Web3 developers to set up offices in Hong Kong and to build up infrastructure such as data and supercomputing centers to help small and medium-sized enterprises to adopt more advanced technology.