Alibaba’s SCMP follows TIME Magazine, Launches ARTIFACTs NFTs to Tokenize Media Assets
Despite the regulatory crackdown, Chinese e-commerce giant Alibaba is making a move into the NFT market. Alibaba-owned most popular English newspaper in Hong Kong – South China Morning Post (SMCP) – will issue its own NFTs tokenizing its media assets.
Dubbed as ARTIFACTs, these NFTs will represent meaningful moments and objects from SCMP’s historical news assets. The announcement notes that the ownership of these tokenized assets will be completely decentralized. It further adds:
Non-fungible tokens (NFTs) make it possible to achieve both objectives, and SCMP aims to create a standardized metadata structure that anyone can use to tokenize history as NFTs, thus providing the foundation on which history can be discovered, connected, and collected in a meaningful way. We are calling these NFTs ARTIFACTs.
However, SCMP is not the first new publication to adopt the NFT route. Earlier in March 2021, the popular TIME magazine released three popular magazine covers in the form of NFTs.
In its official litepaper, SCMP notes that its goal is to tokenize factual accounts of history and other authentic historical assets in the form of ARTIFACTs. The announcement adds:
In the immediate term, we plan to create ARTIFACTs from SCMP’s historical archives using the standardized metadata structure. Our objective is to build the first use case of this standard and to lay the foundation for a rich ARTIFACT ecosystem. In the long run, we will invite other institutions (including media publishers, museums, academic institutions, etc.) to adopt the ARTIFACT standard for the creation of historical NFTs.
Alibaba to Feature NFTs at the Taobao Maker Festival
In another move, the Chinese e-commerce giant will feature real estate NFTs at the Taobao Maker Festival. These NFTs will feature works from Chinese artist Heshan Huang. The artist has collaborated with NEAR Protocol and Web3Games to create hundreds of virtual buildings.
The Alibaba Taobao Maker Festival will feature NFTs for 10 luxury single-family villas, 300 high-end units, and 1,000 ‘Umbrellas’—parasols—within the virtual Bu Tu Garden Community.
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
