Never a Fad: Chinese Payment Giant Alipay Enters NFT Market

Alipay, the largest third -party payment application of China,has offered NFT artworks for official sale.

Antchain Fan,the mini program of Alipay launched a NFT artwork auction yesterday. Over 16,000 NFTs issued were sold out within 24 hours .The NFT this round was based on Chinese ancient artwork featured flying “apsaras” or spirits along with sacred deer from Mogao Cave in Chinese city of Dunhuang.

What is Antchain?

Antchain was established in 2015.Its flagship products are blockchain-based cloud service platform and OpenChina,a hybrid licensed chain targeting DAPP developers.The platform aims to solve the problem of ineffective protection on intellectual property rights in traditional Internet era with NFT technologies which are valid for proof of relationship between owners and users.

Buyers could buy digital artworks with 10 Alipay points plus RMB 9.90 RMB(1.53 US dollars). Ant chain emphasizes that its NFT is based on the Antchain itself. Each NFT is mapped with a unique serial number on a specific blockchain, which can not be tampered with or separated.Different from the nature of currency,it has no function of payment nor digital currency purchase,which echoes with China’s policy on limited transaction to legal tender/ CBDC

Today,Alipay will release the second batch of clothes for the animation work “Assassin Wu 67” totaling 8000 editions.

China is Stepping up Their Efforts on Blockchain

Recent days witnessed China’s increasing measures on crypto fields from major bank’s announcement on no more support for crypto trades to shut-down of Bitcoin mining business,which plunged Bitcoin prices into 32,000 US dollars,a slump of over 6.03%,leaving blockchain investors nerve-jangling in its weak.

Despite strict restrictions, Chinese government is praising the merits of blockchain itself.China has previously made a long-term strategy for implementing blockchain technology, a major part of the comprehensive economic plan till 2035.

The most obvious signal of China’s focus on blockchain is its vigorous development on central bank digital currency(CBDC),namely digital RMB.China has carried out several pilot projects and it seems to be successfully launched, although there is no precise time for its official launch

Chinese officers hope to achieve digitized transformation on their economy.With the rise of digital RMB,Antchain may launch more relevant apps.However,it is remain unclear what will be happened on Chinese crypto market.But blockchain supporters should hold a more optimistic attitude in that the launch of NFT is a brand-new beginning.

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