Alibaba-owned eCommerce Platform Sponsored Taobao Maker Festival to Showcase NFTs for the First Time Ever

July 19, 2021
Alibaba-owned eCommerce Platform Sponsored Taobao Maker Festival to Showcase NFTs for the First Time Ever

Taobao Maker Festival, an annual event (sponsored by Alibaba-owned e-commerce platform Taobao) celebrating Chinese art and entrepreneurship, is all set to showcase NFTs (Nonfungible Tokens) for the first time ever in 2021. 

Taobao Marketplace | Hacker Noon

This year’s innovation festival will reportedly see two important events:

  1. Teaming up of Near Protocol (a decentralized application platform) with Web3Games (a blockchain gaming firm). 

  1. Selling of NFT-based real estate creation by Chinese artist Huang Heshan. 

Reports say that Huang Heshan will offer to sell his virtual “Bu Tu Garden” during Taobao Maker Festival 2021. This virtual garden comprises over 1,000 virtual structures that include:

  • 10 “luxury single-family villas”
  • 300 high-end units
  • 1,000 “umbrella” parasols

This digital garden structure is part of this renowned Chinese artist’s first NFT collection called “Toorich City Series”. This virtual real estate structure is built around Mr. Toorich, who is a fictional real-estate tycoon. Mr. Toorich is dedicated to creating up-market housing for the economically disadvantaged. 

Maker-Taobao 2021 Summit Features NFT Collections - CoinQuora

The buyers can purchase the Bu Tu Garden NFTs in exchange for Chinese fiat currency renminbi through the website of the fictional character Taobao. To claim the bought NFT tokens, a buyer has to use a Near Wallet.  

In 2021, the Taobao Maker Festival has started on July 17, 2021, and will continue till July 25, 2021. This innovation festival will be held at Shanghai’s National Exhibition and Convention Center.   

In an interview, the Chinese artist Heshan said:

“I originally thought that the concepts of blockchain and NFT would be very complicated.”

NFTs: Alibaba Participates In The Chinese Entrepreneur Festival With Real  Estate - Coinscreed

However, he exclaimed by saying that NFTs are really to work with. Heshan calls himself “socialist cyberpunk” and went on to say that minting NFTs on Near can be done at a reduced cost than that of the Ethereum platform. He went on to say:

“The cost of casting an NFT on Ethereum is hundreds or thousands of dollars too expensive. NEAR only costs a few cents and is very suitable.”

Crypto-powered virtual real estate has been witnessing significant growth in the last 1-year. Last month, blockchain game Decentraland sold a digital land plot at over US$900,000. Illuvium co-founder Kieran Warwick sold a virtual land plot in Axie Infinity (which he bought last year) at a profit of over 9,000%. 

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