Alibaba Launches NFT Real Estate For Chinese Entrepreneur Festival

Alibaba launches NFT real estate for a Chinese entrepreneur festival as the artist Heshan Huang already created hundreds of virtual buildings for the exhibition as we can see more in our latest cryptocurrency news today.

Artist Heshan Huang created hundreds of virtual buildings but you can’t pay for them with crypto. For the first time in history, Alibaba’s Taobao Maker Festival in China will include real estate NFTs in its lineup. The Chinese artist has already worked with NEAR Protocol and Web3Games to create hundreds of virtual buildings and 10 luxury single-family villas with the virtual Bu Tu Garden Community.

Bu Tu Garden Community forms one part of the NFT collection which he calls the “Toorich City Series” and this collection is centered on the fictional character of MR Toorich which is basically a real-estate tycoon that dedicated his life to building an opulent housing project for the poor. This lineup is a first for Huang as he told Blockcast that his designs were the results of painstaking fieldwork that was undertaken in both towns and cities so he could come out with a distinctive cyberpunk aesthetic. Due to the latest regulatory over crypto in China, the interested buyers cannot pay for these NFTs in crypto. Huang said that the customers will have to go on the TaoBao website and pay in yuan.

Alibaba launches NFT real estate, following the latest trends in the crypto space and TaoBao is the place where users can buy it, as one of the largest e-commerce websites in China owned by the Alibaba Group. In 2016, the website launched the Taobao Maker festival to help young Chinese entrepreneurs show off products as diverse options. Last year, Taobao Maker Festival was held in August and took a form of a truck tour through four cities including Wuhan and Xi’an. This year, it will open in Shanghai where it will run until July 25.

Alibaba Group’s affiliate Ant Group signed a partnership with People’s Bank of China and the partners will work to build a platform for the central bank’s digital currency project. VOA quoted the Chinese state media Global Times. The Digital Yuan or the eCNY, development will be promoted by the partners and will be based on the Alibaba affiliate. The Global Times revealed that banking institutions worked with Ant and the multinational Chinese conglomerate Tencent for more than 3 years and they co-developed the Digital yuan.