Alibaba’s Taobao To Soon Launch NFTs

NEAR Protocol collaborates with blockchain-based game company Web3Games and the Chinese artist Heshan Huang to offer its non-fungible “real estate” (NFT) token at the Alibaba-sponsored Taobao Maker Festival this year.

The festival was initiated in 2016 by Taobao, owned by Alibaba, one of the major e-commerce sites in China to inspire young Chinese artists and businesspeople to promote their works and sell it on the web. The event will take place from 17 July to 25 July at the Shanghai National Fair and Conference Centre.

AAlibaba’s CEO Jack Ma

The latest crypto crackdown in China appears to have survived NFTs, most of them based on decentralised public chains with indigenous coins. In April, a large gallery in Beijing presented a crypto-art show when crypto-mining and commercial activity were being shuttered.

The cco-founder of NEAR Protocol, Illia Polosukhin posted a tweet announcing the addition of the new NFT marketplace in the e-commerce site.

After that, he tweeted about the progress of the NEAR ecosystem, indicating its mass adoption of digital collectibles.

This year’s NEAR claims are the first time NFTs have been included in the Taobao Maker Festival. Buyers can order on Taobao and make a payment in accordance to Huang in Chinese local currency, the renminbi.

But potential buyers must visit a link and register an NEAR wallet to claim their NFT digital art.

Digital artworks in Huang are in a virtual complex where anyone can buy its distinctive NFT buildings.

Let’s see what Twitteratis have to say about this new news.

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