Tencent, the Chinese entertainment powerhouse, will work on the initiative with a number of other companies, including Alibaba subsidiary Ant Group.
Tencent, a Chinese entertainment company, has been given UN approval to lead a project looking at developing a standard technological and security framework for non-fungible tokens (NFTs).
According to state-owned local media, the project, called a "technical framework for DLT-based digital collecting services," will be the world's first U.N.-approved standards program for NFTs.
Report from the South China Morning Post says that the International Telecommunication Union (ITU), the United Nations organization for information and communication technology, has accepted the initiative, which is anticipated to produce an initial draft by the end of 2022.
Currently, any ITU proposals become mandatory and enforceable only when countries accept them as law.
In a statement posted on Tuesday, Tencent stated that the worldwide standard aims to establish the technical architecture, technological flows, functional requirements, and security requirements for blockchain-based digital valuables."
"It has the potential to aid in the creation of a global agreement and shared understanding on the formation of a technical framework for digital collecting services."
Meanwhile, the Chinese government is working on its own Blockchain Services Network, which will be backed by the government (BSN).
This will assist the Chinese government in supporting the rollout of non-crypto NFT projects, which it will once again restrict in September 2021.