The festival will feature the iconic work of Chinese artist Heshan Huang as NFTs will be sold as virtual real estate. The project will be implemented in partnership with NEAR Protocol and Web3Games.
Some of the popular players in various industries such as digital arts, fashion and others have delved deeper into the NFT space. Chinese artist Heshan Huang will showcase hundreds of virtual buildings at the upcoming Alibaba Festival.
This includes 10 luxury single-family villas, 300 luxury apartments and 1000 sun umbrellas within the virtual Bu Tu Garden Community. To represent these NFTs at the Taobao Maker Festival, the Chinese artist partnered with NEAR Protocol along with blockchain development firm Web3Games.
The week-long festival has already kicked off at the National Exhibition and Convention Center in Shanghai. In addition, BuTu Garden Community is part of Huang’s Full NFT collection. In addition, his popular TV series “City of Turic” features a fictional character of the real estate tycoon, Mr. Turic. The tycoon was popular for building luxury homes for the poor.
This will be Huang’s first batch of NFTs. Talking to Blockcast, Huang said that the NFT represent his field studies in cities and towns. The work presents a characteristic cyberpunk-flavored aesthetic.
Taobao: NFT and real estate
Interestingly, NFTs are becoming quite popular in the real estate industry these days. In addition, Huang is not the first artist to sell real estate in NFT form. Last June, TechCrunch co-founder Michael Arrington sold his Kiev apartment as NFT.
Bidding started at around $ 20,000 and the final bid was 36 ETH worth $ 93,000. In addition, the virtual real estate market in the form of NFTs is also catching up with a hot spot.
Alibaba’s decision to enter the NFT market came at a time when China was under tight regulatory control. Of course, users will not be able to buy these NFTs with other cryptocurrencies such as other marketplaces. Buyers must place an order on Taobao and purchase NFT with local currency.
To receive NFT digital art, potential buyers will need to click the link after purchase and register with the NEAR wallet. In addition, this is not Alibaba’s first attempt at using NFT.
Its payment partner Alipay launched two NFT artworks back in May 2021. Once purchased, art owners see them on the checkout page of their Alipay app. Alipay sold nearly 16,000 copies of NFT art in a matter of hours.
In another case, Alibaba-owned English media house South China Morning Post (SCMP), owned by Alibaba, plans to tokenize its media assets using NFT.
Bhushan is a FinTech enthusiast and has a good instinct for understanding financial markets. His interest in economics and finance draws his attention to new emerging markets for blockchain technology and cryptocurrency. He is constantly in the process of learning and remains motivated by sharing the knowledge gained. In his spare time, he reads thriller novels and occasionally explores his culinary skills.