Alibaba Cloud Launches New Products For NFTs

Unfazed by the current China crackdown on cryptocurrencies,  Alibaba Cloud has launched a non-fungible token (NFT) solution. The company, which is a subsidiary of the Alibaba Group, announced that it will be building NFT marketplaces, including content management and web hosting. This comes when the Chinese government is adopting a very tough approach toward digital assets.

Users Can Build Marketplace Through Alibaba

The digital assets space has seen the emergence of NFTs, as more organizations show more interest in the field. According to Alibaba Cloud, the tokens can be used to represent ownership of distinctive items for different digital assets. It can also be used to represent non-digital assets, including invoices and concert tickets. The uniqueness and irreplaceable nature of NFTs make them highly in demand, as more people struggle to claim ownership of one NFT or the other.

Alibaba Cloud stated that its auto-scaling and Elastic Compute Service (ECS) will help the user easily create an NFT marketplace. The firm stated that the digital assets will soon be introduced into the metaverse.

The company highlighted that major audience segments are still hesitant to embrace the endless possibilities of the metaverse. But based on the survey carried out by Harris Poll, only 38% of the generationZ respondents believe so much in the metaverse. Alibaba Cloud insists that the virtual world will have a major role to play in people’s lives in the next decade.

Alibaba Unfazed As Chine Continues With Clampdown On Crypto

The Chinese government is making the lives of crypto companies and traders in the country very difficult. But NFTs are still legal in the country. However, the authorities have also been issuing several warnings about trading risks in the NFTs. But giants like Tencent and Alibaba have filed a new NFT patent to enable them to offer these products to the consumers and users.

While companies like Alibaba are opening their portal for NFTs to flourish, others like WeChat is discouraging holders. The Chinese app recently suspended the accounts of those buying NFTs. The market in China is not a comprehensive one as the government has not categorically stated how it is handling NFT regulation.