NEAR protocol announced that it is working with the blockchain gaming firm Web3Games and Chinese artist Huang He Shan to sell his NFT-based “real estate” during this year’s Taobao Maker Festival. Huang’s digital artworks are in a virtual complex, where people can buy his unusually shaped and characteristic NFT buildings.
Hosted by Alibaba, China’s leading E-Commerce platform, Taobao Maker Festival is an annual festival. The festival sets top creators and innovators from the Taobao community side by side. This year, the festival will take place from July 17 through July 25 in Shanghai’s National Exhibition and Convention Center.
Heshan’s virtual “Bu Tu Garden” comprises more than 1000 virtual structures. It also includes “luxury single-family villas,” 300 high end units, and 1000 “umbrella” parasols. It is a part of “Toorich City Series”.
NEAR claims that this will be the first time that the Taobao Festival will include NFTs. Buyers can place their orders on Taobao and can make payments with the local Chinese currency, the renminbi, says Huang. However, the company said potential buyers will need to register a NEAR wallet to claim their NFT digital art.
Chinese payment giant Alipay, an Alibaba affiliate, launched two NFT-based digital art pieces in May. Owners of the art will see them on their Alipay app’s payment page whenever they make a purchase. About 16000 copies were sold in an hour. Shortly after the sale, Alipay clarified that NFTs are not cryptocurrencies and can not be traded at a much higher price.