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Alibaba Cloud Launches Service To Build NFT Marketplaces
Alibaba Cloud on Wednesday said its service will help build NFT marketplaces in a fast and reliable way, without addressing compliance issues.
Ankita K.
7:19 9th Jun, 2022
NFTs

Alibaba Cloud announced it on Twitter, but the post has been deleted as of Thursday.

Its NFT solution includes web hosting, mobile phone message sending, and the global content delivery network (CDN) service — a feature that allows for data distribution through Alibaba Cloud’s service nodes worldwide.

Alibaba Cloud did not disclose whether the blockchain for the NFT marketplaces will support cryptocurrencies; nor did it reveal what blockchain they would be based on.

China, where parent Alibaba Group was founded, banned cryptocurrency trading last September.

The country’s new Data Security Law, which came into effect last September, limits any cross-border data transfer without government permission, though the exact scope of the restriction is not detailed, according to a global law firm Jones Day.

Failure to adhere to the law could attract penalties, revocation of licenses or permits, and even the closure of business.

Alibaba Cloud’s CDN service has more than 80% of the nodes located in mainland China.

Chinese state-backed blockchain company Blockchain Service Network (BSN) also launched a global public chain this year. The domestic and international blockchain systems are run separately.

NFT flipping is being frowned upon by Chinese state-backed entities, with NFT marketplaces and issuers trying to avoid any semblance to financial products.

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