Alibaba’s Taobao Maker Festival Introduces NFTs

3 years ago

The prominent Chinese digital shopping platform ‘Alibaba’ has started to appropriate the use of Non-Fungible Tokens. The integration of the NFT exchange was introduced publicly on July 17, 2021, at Alibaba’s Maker Festival that summons innovators and creatives from the Taobao inhabitants. This is the first time NFT was incorporated into the Maker business event of Alibaba.

The potent tech firm Alibaba finances the Taobao events and invests in the Maker Festival hosted annually.  Since the year 2016, the community of Taobao has been hosting the Maker event. This 2021, the Taobao’s Maker Festival is an attempt to launch NFT functionalities brought in the eminent inventor Huang He Shan. The artist Shan isn’t a stranger to the blockchain ecosystem and has been influential in building the Web3Games enterprise and the decentralized application (dApps) online platform, NEAR Protocol.

Shan’s company acquisitions merits encompass the real estate enterprise sector of NFT. These real estate merits are inside the digital territory of the Bu Tu Garden. The Bu Tu Garden has holdings of 10 diversified buildings characterized as leisure villas for individual families.

Additionally, the interface also had NFTs of 300 extravagant building units. The digital territory of Bu Tu Garden constitutes a  huge component of Shan’s entire NFT holdings, and the series has been titled ‘The Toorich City.’ The series aims to conceptualize and become an established industrialist in the real estate sector.

The adoption of NFT’s for digital real estate property showings has become a leveraged asset for property firms. Selected property investors have conceptualized a real estate auction and ownership platform through blockchain capabilities.

The bids to acquire these digital properties, as witnessed by a Ukrainian establishment, start with financing proceeds from $20,000. The property was ultimately settled and acquired at $93,429, equivalent to 36 Ether (ETH) crypto tokens.