Despite the regulatory crackdown, Chinese e-commerce giant Alibaba is making a move into the NFT market. Alibaba-owned most popular English newspaper in Hong Kong – – South China Morning Post (SMCP) – – will provide its own NFTs tokenizing its media possessions.
Dubbed as ARTIFACTs, these NFTs will represent significant moments and items from SCMP’s historic news properties. The statement keeps in mind that the ownership of these tokenized possessions will be totally decentralized. It further includes:
Non-fungible tokens (NFTs) make it possible to attain both goals, and SCMP intends to produce a standardized metadata structure that anybody can use to tokenize history as NFTs, therefore providing the foundation on which history can be found, linked, and collected in a meaningful method. We are calling these NFTs ARTIFACTs.
However, SCMP is not the first brand-new publication to embrace the NFT path. Previously in March 2021, the popular TIME magazine launched 3 popular magazine covers in the type of NFTs.
In its main litepaper, SCMP keeps in mind that its objective is to tokenize accurate accounts of history and other genuine historical assets in the type of ARTIFACTs. The announcement includes:
In the immediate term, we prepare to create ARTIFACTs from SCMP’s historic archives utilizing the standardized metadata structure. Our goal is to develop the first use case of this standard and to lay the foundation for a rich ARTIFACT environment. In the long run, we will invite other organizations (consisting of media publishers, museums, scholastic institutions, and so on) to adopt the ARTIFACT requirement for the production of historical NFTs.
Alibaba to Feature NFTs at the Taobao Maker Festival
In another relocation, the Chinese e-commerce giant will feature property NFTs at the Taobao Maker Festival. These NFTs will feature works from Chinese artist Heshan Huang. The artist has teamed up with NEAR Protocol and Web3Games to produce hundreds of virtual structures.
The Alibaba Taobao Maker Festival will include NFTs for 10 luxury single-family rental properties, 300 high-end systems, and 1,000 ‘Umbrellas’– parasols– within the virtual Bu Tu Garden Community.
The post Alibaba’s SCMP follows TIME Magazine, Launches ARTIFACTs NFTs to Tokenize Media Assets appeared very first on Coingape.