Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
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Alibaba Plans to Integrate the Blockchain Amid Growing Interest in NFTs
Chinese technology company Alibaba plans to introduce a Non Fungible Token section, powered by the “Guangjian” NFT digital collection, into its innovative Auction service. The news comes as stories of Alibaba’s collaboration with rivals Tencent continue to stir up. Alibaba’s plot to dive into the NFT market echoes its plight to tap into blockchain technology.
Guang Jin is an NFT platform that Bit Universe recently launched on August 15. Surprisingly, Guang Jian almost immediately gained the interest of Alibaba. According to a recently released statement, from now on, it will oversee the tech company’s NFT auction service, both in bidding and display.
Reaching Out to the Global Market with NFTs
Alibaba’s Auction service coupled with NFTs may very well open doors for the company to go global. The NFT platform, Guang Jian, plans to take care of auction services involving E-sports, digital arts, digital copyrights, and digital trading cards. Furthermore, the platform will extend its service provisions to Alibaba’s partners.
Interested investors can access the exciting features of Guang Jian via Alibaba’s entity Alipay and Tencent’s WeChat. From the outlook, it seems Tencent and Alibaba might be okay working together under the NFT platform’s umbrella.
No Limit to NFT
It’s no surprise that Alibaba decided to take a piece of the NFT cake, as its affiliate Alipay just recently opened sales on NFT artworks. Alipay commenced the sales of artworks embedded on Ant Chain that involved the worldly-acknowledged animated film White Snake 2: The Tribulation of the Green Snake.
The artworks’ pricing started at $1.53(+9.90 Yuan Alipay Points), as the trading platform saw about 80K copies from two editions sold out within a day. The NFTs were wallpapers designed for users’ payment code pages. The sales follow Alipay’s successful spell in selling other NFT artworks in June. The digital art pieces included images of Sacred Deers in the Mogao Cave and flying apsaras in Dunhuang.
The Ant Group Goes Blockchain
Alibaba’s technology branch Ant Group has publicly involved itself with blockchain technology, having been named one of the top blockchain enterprises in China back in 2020. The affiliate also aided China’s central bank in developing the framework of e-CNY.
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During the Ant Group’s first developer conference in June, the fintech launched a blockchain-boosting transmission network in Hangzhou. The network’s purpose is to boost the speed and stability of blockchain networks. Ant Group’s President of Intelligent Technology Business, Geoff Jiang, spoke during the launch, stating:
“We are committed to working more closely with our partners and developers to explore new synergies, resolve pain points in industry collaborations, and uncover greater value for the global economy and our societies.”
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