Chinese Payment Giant Alipay Launches NFT Sales

Chinese Payment Giant Alipay Launches NFT Sales

THELOGICALINDIAN - Over 16000 NFTs issued on Alipays clandestine blockchain awash out aural 24 hours

China’s better agenda acquittal platform, Alipay, awash non-fungible tokens (NFTs) on its own permissioned blockchain account arrangement alleged AntChain.

NFTs Issued on AntChain 

According to reports, Alipay, an associate of China’s e-commerce behemothic Alibaba, launched 8000 limited-edition NFTs based on two pieces of artwork to admire the age-old artwork of Dunhuang Caves.

The artwork featured aerial “apsaras” or alcohol forth with angelic deer from the Caves of the Thousand Buddhas, or Mogao Cave, in the Chinese burghal of Dunhuang.

Each NFT is bound to 8,000 copies and was issued on AntChain, a clandestine blockchain started by Alipay’s ancestor aggregation Ant Group.

Valued at $200 billion, Ant Group is one of the better banking companies in the world. The close is additionally a baton back it comes to analysis assignment in the blockchain space. According to accessible data, Ant Group has filed the accomplished cardinal of blockchain-based patents amid 2017 and 2020.

Now the aggregation has entered the fast-growing NFT market. Over the aftermost year, NFTs accept exploded in popularity. Many agenda artists, celebrities, musicians and athletes accept launched agenda collectibles in the anatomy of NFTs bless their assignment with fans.

Explosive Growth in Non-Fungible Tokens

NFTs represent buying of different agenda collectibles by recording them on a accessible blockchain like Ethereum. Since best NFTs today are minted on Ethereum, they are traded with ETH, the built-in cryptocurrency of the blockchain.

This puts Ethereum-backed NFTs in absolute bucking with Chinese restrictions on cryptocurrency trading and crypto-based fundraising. Unlike blockchains like Bitcoin or Ethereum, clandestine blockchains admission a distinct article ascendancy over the absolute network.

Because of their awful centralized nature, clandestine blockchains do not absorb the use of any cryptocurrency. For instance, Alipay awash anniversary of its NFT for 9.9 Renminbi (RMB), additional 10 Alipay credits.

At the aforementioned time, application clandestine blockchains to affair NFTs may accession apropos over their ancestry and absolute value. However, these apropos didn’t stop Alipay’s Dunhuang-based NFTs from affairs out aural 24 hours of release.

The aggregation abaft AntChain additionally afresh active a five-year partnership with The Union of European Football Associations (UEFA) to use the blockchain in football. For instance, the Top Scorer bays for EURO 2020 uses AntChain to assuredly account the player’s stats.

AntChain says its blockchain account has been deployed beyond over 50 businesses, in areas like accumulation alternation management, finance, banking, and cross-border payments.