China’s largest e-commerce website, Taobao, a subsidiary of Alibaba Group, recently exhibited non-fungible token (NFT) art for the first time at the Shanghai Taobao Maker Festival.
This collaboration has reportedly consisted of tripartite collaboration, including one decentralized application (Dapp) platform NEAR protocol, Web3Games- a decentralized digital game integration platform developed on the basis of Polkadot Substrate and Chinese artist Huang Heshan that sells a range of works by artist Huang Heshan in the form of NFT Digital Real Estate.
Non-fungible tokens are a special type of cryptographic token that represent a unique digital asset that is not exchangeable.
Artist Huang Heshan’s artworks in this exhibition are primarily architectural, including luxurious single-family villas and socialist architectural groups with Chinese features, including the first NFT series, “Toorich City Series” Bu Tu Garden. He said potential buyers could use the Chinese renminbi to shop through the Taobao website. However, NEAR Protocol stated that they must click the link and register for the NEAR wallet in order to receive their NFT digital artwork.
The Taobao Maker Festival was officially launched in 2016 and aims to provide a platform for global artists to exhibit their artwork and sell their works through the website. This year it will take place in Shanghai from July 17th to 25th.
It’s not the first time that artwork has been sold in the form of NFT.
As reported by Blockchain.News on July 16, Swiss bank for digital asset management, Sygnum, announced that it has partnered with industry-leading art investment company Artemundi to sell its stake in Pablo Picasso’s NFT paintings at a price of $ 6,000 per share.
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