Alibaba Cloud Launched International NFT Solutions Quietly

The Alibaba cloud launched an international NFT solution but it went quiet and some of the biggest names to join the NFT train include Salesforce as well as Alibaba so let’s read more today in our latest cryptocurrency news.

The cloud comping division of the e-commerce platform Alibaba group launched new services for the NFT platforms that are based outside of China. The features Alibaba Cloud provides include web hosting, content delivery, digital marketing, and more. According to the Alibaba spokesperson, NFT and Metaverse services are listed On Alibaba Cloud’s international website and the company launched the Metaverse products that include remote 3D rendering, AI, data analytics, and blockcahin as a service.

Alibaba Cloud is trying to forge a path into the international market that Amazon web Service dominates heavily but ont the mainland, the company commands a market-dominant 37% revenue share of China’s $27.4 billion cloud infrastructure services sector. NFTs are a legal grey area in China, the country criminalized crypto mining and trading and the company tweeted that the NFT announcement was since deleted. There was no apparent press release that could suggest pressure from the Bejing regime was applied.

Alibaba affiliates Ant Group and Tencent Holdings had to rename the NFT platforms last year to digital collectibles for the same reason. The move came as the NFT markets are getting hard hit during the bear market and since the start of May, the number of such sales halved as per the market tracker Nonfungible.com. The daily sales figure for June 9 was below 20,00where it was above 40,000 this time last month. The platform reported about $25 million in daily sales and $57 million in May. The active NFt wallets fell to around 17,000 last week from 90,000 in November. Cheap ETH prices haven’t carried through to the NFT markets as the sales continue to fall.

San Francisco-based cloud software company Salesforce announced the rollout of the closed pilot program for the new service called NFT cloud. It will enable users and will mint and manage the NFTs for brand engagement and the marketing purposes. SVP of Emerging Technology at Salesforce Adam Caplan, said the company executives are seeking Assitance entering Web3. The platform will run ont the smart contract based on the PoS blockchain but it didn’t specify whether it will use this solution. Salesforce started working on the blockchain product in 2018 and introduced the development tools the next year but details are thin on the ground.