Taobao Maker Festival in Shanghai exhibits NFT-based real estate

Taobao Maker Festival in Shanghai exhibits NFT-based real estate

BUSINESS | Jul 19, 2021 | WOZINGA NEWS

Taobao Maker Festival in Shanghai exhibits NFT-based real estate

  • Taobao hosts the 2021 Maker Festival in Shanghai’s National Exhibition and Convention Center.
  • The festival showcases NFT-based real estate.

By Marielle Petere Wozinga Journalist

Taobao Maker Festival in Shanghai exhibits NFT-based real estate

Taobao Maker Festival in Shanghai, China exhibits non-fungible tokens (NFTs). The festival is a yearly celebration that showcases Chinese art and entrepreneurship.

In this event, Taobao hosts the 2021 Maker Festival in Shanghai’s National Exhibition and Convention Center. The celebration has started on July 17 until July 25.  

Speaking of Taobao, it is a business-to-consumer and consumer-to-consumer e-commerce platform. Alibaba Group owns this e-commerce marketplace. 

NEAR: Discussion of payment system

Also, CoinDesk has mentioned NEAR Protocol works together with Web3Games and Chinese artist Heshan Huang to sell NFT-based real estate.

NEAR Protocol is an open-source platform for decentralized applications (dApps). Web3Games is a virtual gaming company that utilizes blockchain technology. 

According to CoinDesk, NEAR Protocol has revealed that it is the first time in Taobao Maker Festival to include NFTs. 

Moreover, the report relayed that Heshan Huang has made a payment statement. He said that any interested individuals, who want to purchase, could place their order on Taobao. 

The report added that the consumers could pay using renminbi, a local currency in the People’s Republic of China. CoinDesk clarified how to claim digital assets. The buyers have to click through a link and register in the NEAR wallet. 

NFT-based Real Estate: Bu Tu Garden

Cointelegraph pointed out the work of Heshan Huang’s Bu Tu Garden, as one of the highlights during the event. The virtual garden has more than 1,000 digital structures. 

The report has discussed the other features of the NFT-based garden: 1,000 parasols, 300 high-end units, and ten luxury single-family villas. 

In addition, Heshan Huang’s Bu Tu Garden is part of the “Toorich City Series,” his first NFT collection. Cointelegraph explained the virtual real-estates built around the statue of Mr. Toorich, a fictional real-estate magnate.

NFT Momentum: The digital assets in China

Recently, Global Times relayed the reports from local news sites that NFTs have obtained momentum in China. It happens despite the news about the shutdown of crypto mining and crypto trading restrictions. 

In this case, Reuters published an article about China’s Ant Group, an affiliate firm of Alibaba Group. Ant Group explained the difference between non-fungible tokens and cryptocurrencies. 

It occurred when the Ant Group included two NFT-backed app images through Alipay, a payment platform. Immediately the items sold out. However, some users stated their confusion as they linked it to cryptocurrencies on social media platforms, like Weibo. 

According to Reuters, an AntChain spokesperson explained: “NFT is not interchangeable, nor divisible, making it different by nature from cryptocurrencies such as bitcoin.” “NFTs can be used to create a unique signature for digital assets,” Reuters added. 

Do you like the idea of showcasing the NFT-based real estate during Taobao Maker Festival in Shanghai?

Created with Perfect Survey

Statistics - View the results

Leave a Reply

Your email address will not be published. Required fields are marked *