AliBaba Launches NFT Tools Even As China Cracks Down

Alibaba Cloud, a subsidiary of Alibaba Group, announced the launch of non fungible tokens (NFTs) solutions. The computing Company will also be building NFT marketplaces, including web hosting and content management. Meanwhile, the Chinese government has adopted a very restrictive approach toward digital assets.

Alibaba to help users to build NFT marketplace

The NFTs have become really famous in the digital assets markets lately. Alibaba Cloud mentioned that these tokens can represent ownership of unique items for different digital assets as well as non digital assets including concert tickets and invoices. As non fungible tokens are irreplaceable. It helps the NFT artist to monetize their wares.

The release mentioned that Alibaba Cloud Elastic Compute Service (ECS) and auto scaling will help the user to build an NFT marketplace. The computing company mentioned that these digital assets will soon be booming into the metaverse.

As per its blog, major audience segments hesitate to fully embrace the possibilities that metaverse can deliver. However, indicating a survey conducted by Harris Poll showed that only 38% of the Generation Z respondents believe that the metaverse is the next big thing. It added that the virtual world will become a part of our lives in the next decade.

China imposing hard rules over digital assets

The Chinese authority has been issuing major warnings of trading risks in the NFTs. Meanwhile, cryptocurrencies are banned in mainland China. However, the government has signaled that they don’t have any intention of banning NFTs. This has led giants such as Alibaba and Tencent in filing new NFT patents in the past.

Meanwhile, popular Chinese applications like WeChat Pay recently suspended accounts that were purchasing such NFTs. As per reports, Xihu No.1 digital collection platform was one of the removed projects. A lack of transparency and confusion from the government’s side kept people waiting.