Alipay, an affiliate of Alibaba, has taken the sale of Non-Fungible Tokens (NFTs) in China a notch higher. The NFTs were inspired by the amazing artworks of Dunhuang Caves. About 8,000 limited editions of them were developed on two pieces of the ancient arts. Ant Group, Alipay’s parent company, hosted the NFTs on its private blockchain called AntChain.
Two works featured as NTFs were referred to as the “King Dear ” and the “Flying Heaven ”. Remarkably, the NFTs sold out in one day despite reservations of it being commissioned on a private blockchain. The sales did not involve any cryptocurrencies as all sales were made in cash.
Tokencan made a tweet announcing Ant Group to open another NFT sale of a popular cartoon tomorrow after making such huge progress. The firm is renowned for blockchain-related research, it holds a valuation of over $200 billion. Ant Group is a financial giant in the world and has filed a good number of patents between 2017 and 2020.
NFTs on the Rise
Non-Fungible Tokens are fast becoming a noticeable feature of blockchain technology. The concept which permits the ownership of digital collectibles is attracting the attention of celebrities and sports teams who are integrating them in their offerings to fans.
Auction houses like Christie’s and Sotheby have realized massive proceeds from the sale of NFTs. While there was an obvious decline in their rush in May, innovations, and adoptions are still giving it much-needed attention.
However, the NFTs hit a hitch in China due to the strict crackdown it imposed on cryptocurrencies and mining activities. Most NFTs are hosted on the Ethereum Network and since crypto isn’t an acceptable service in China anymore, a new alternative was sought. This led to the incorporation of a private blockchain by Alipay.