Taobao Allows NFT Sales at Its Maker Festival

The Taobao online shop, part of the Alibaba group, has allowed the sale of non-fungible tokens (NFTs) at the annual Taobao Maker Festival. This is reported by Blockcast.

The NEAR Protocol project team has partnered with Web3Games and Chinese artist Huang Heshan to implement NFT ‘real estate’.

The ‘Bu Tu Garden’ project will form part of its first NFT collection. It will include more than 1,000 virtual buildings, including ten ‘luxury villas’ and 300 ‘elite’ buildings.

“The costs of creating NFTs on Ethereum are too high — hundreds or thousands of dollars. On NEAR it costs only a few cents,” noted Heshan.

In 2021, the Taobao Maker Festival ran from July 17 to 25. The tokens were put up for sale in the online store. Buyers would need an NEAR wallet to receive the NFT.

Due to repression by Chinese authorities against the crypto industry, users cannot pay for tokens with digital assets. Purchases are conducted in yuan.

Earlier, the social media platform Nifty’s, in collaboration with Warner Bros., released an NFT collection tied to the film Space Jam: A New Legacy.

NFT sales reached $2.5 billion in the first half of 2021.

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