Taobao, an e-commerce platform owned by Alibaba, will finally launch its first series of NFTs.
The e-commerce company will launch its annual event called “Taobao Maker Festival,” which celebrates Chinese art and entrepreneurship.
This event was first held in 2016 and since then, it has showcased the greatest of what Chinese culture and creativity have to offer.
This year’s affair will feature decentralized platform “Near Protocol,” blockchain gaming company “Web3Games” and an NFT real estate from Chinese artist Huang Heshan.
Hesha’s NFT is a virtual garden called “Bu Tu Garden,” which is “made” up of 1,000 virtual structures, 1,000 umbrella parasols, 300 high-end units, and 10 luxury single-family villas.
The Garden can be purchased on Taobao’s website using the Chinese currency, the renminbi.
Even with the “massiveness” of the highly-detailed NFT real-estate, it is only a part of Heshan’s “Toorich City Series.” The artist’s overall virtual real estate is run by a fictional character named Mr. Toorich, whose main goal is to provide shelters for poor people.
Heshan shared that minting on the Near platform is incredibly cheaper (only costs a few cents) when compared to Ethereum, which would cost artists hundreds or thousands of dollars just to mint their creation.
Digital land on the rise
It is clear that not only NFT artworks would take center stage in the future, but also NFT real-estate
as well. In fact, in a blockchain game called “Decentraland,” the price of a digital land plot has reached an astounding price of $900,000.
Kieran Warwick, the co-founder of Illuvvim, had profited 9,000% from the virtual land he flipped from a blockchain game called Axie Infinity.
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