Despite the crackdown on private cryptocurrencies, China is enthusiastic about blockchain's potential.
That enthusiasm guided their decision to allow Alibaba to sell NFTs is part of a larger effort to integrate blockchain technology into key industries, as part of their goal of becoming the most advanced blockchain power in the world by 2025.
A Confusing Message...
When implementing the crypto ban, China's financial officials released a statement that read “Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order”.
It makes you wonder - did they take a close look at NFT marketplaces? Because the large price swings and speculative trading they loathe can easily be found in the NFT world as well.
The NFT Hype Is Global...
This move is a way for Alibaba to cater to creative individuals and give them control over how their work.
Alibaba's NFT platform will support digital visual artists, musicians, and writers if they choose to go the NFT route to sell their work.
The company says it has already sold 8,000 limited-edition NFTs based on two pieces of artwork commemorating ancient art from the Dunhuang Caves.
NFT sales are approaching $3 billion total since their inception.
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Author: Mark Pippen
London News Desk / Breaking Crypto News
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