Chinese Artist Showcases NFT Real Estate At Alibaba Sponsored Innovation Festival

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This year’s Taobao Maker Festival, an annual Chinese arts and entrepreneurship event hosted by Alibaba’s e-commerce platform Taobao, will feature intangible tokens (NFTs) for the first time.

This year’s event will feature a decentralized application platform. Next to the protocol team up with gaming company Web3Games and Chinese artist Huang Heshan to sell Huang’s NFT-based real estate.

Heshan’s virtual Bu Tu Garden will be available for purchase during the event. The garden will feature over 1,000 virtual buildings, including ten “luxury one-family villas”, 300 luxury homes and 1,000 sun umbrellas.

Bu Tu Sad shape Part of NFT Heshan’s first collection, the Toorich City Series, which revolves around fictional real estate tycoon Mr. Turic, who builds luxury housing for the economically disadvantaged.

STC Bu Tu Garden can be purchased for RMB on the Taobao website. Tokens must be claimed in the nearest wallet.

The Taobao Maker Festival was first held in 2016, and this year’s event will take place at the Shanghai National Convention and Exhibition Center from July 17th to 25th.

Talking to Blockcast, Heshan recalculated he was surprised at the ease of dealing with non-fungible tokens, stating, “Initially, I thought the concepts of blockchain and NFT would be very complex.”

The self-proclaimed “socialist cyberpunk” also highlighted the lower cost of minting NFTs on Near compared to Ethereum, stating, “The cost of casting NFTs on Ethereum for hundreds or thousands of dollars is too high. NEAR costs only a few cents and is very suitable. “

Connected: Virtual land could be worth more than real land after the site is sold for a record $ 1.5 million.

While Heshan’s digital real estate NFTs are purely artistic creations, cryptocurrency-based virtual real estate has grown significantly over the past year or so, thanks to the digital land parcel in the blockchain game Decentraland. sells for over $ 900,000 last month.

Cointelegraph reported last week that Illuvium co-founder Kieran Warwick turned over a virtual land parcel he bought last year from Axie Infinity. with a profit of more than 9000%