Taobao, the Chinese online shopping platform owned by Alibaba, will include non-fungible tokens (NFTs) art which will be sold as virtual real estate.
Alibaba’s Taobao Maker Festival was held for the first time in 2016 to promote Chinese art through exhibitions and sell it online. This year’s edition, which began on July 17 and will last until July 25, brings something much more innovative. NEAR Protocol has partnered with blockchain gaming company Web3Games and artist Heshan Huang to implement NFTs in the event.
Chinese artist Heshan Huang will present several virtual buildings, including ten luxury villas, 300 high-end units, and 1,000 parasols, part of the virtual Bu Tu Garden Community. Those who are interested in purchasing any of these items can place their order on Taobao’s website. According to Huang, the payment can be made using the local Chinese currency, the renminbi.
Do you know what NFTs are?
NFTs, short for non-fungible tokens, are new types of crypto assets that indicate a variety of palpable or non-physical goods. The ownership of these tokens is recorded on a blockchain, similar to bitcoin and other cryptocurrencies. But unlike them, which are interchangeable, NFTs aren’t exchangeable.
Most NFTs were created utilizing ERC-721 and ERC-1155 Ethereum token standards. Even though Ethereum is a fungible digital currency like Bitcoin, its blockchain sustains NFTs as well. Internet growth in our everyday lives gave us the possibility to view images or listen to songs online for free. NFTs are becoming very popular because they are transforming the collectible space, and not only that.
Since NFTs aren’t exchangeable, you won’t be able to trade one NFT for another as you do with fiat currencies or other assets because there are no two identical tokens. Since they are unique and also kept on the blockchain, NFTs are authentic. That’s very beneficial for digital assets because they can be copied innumerable times and are difficult to own. NFTs can be the solution to these problems, proving that one digital file is the only “original.”