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Alibaba-sponsored Taobao Music Festival to feature NFTs sale by Chinese artists

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TL;DR Breakdown

  • The Taobao Music Festival this year will host the selling of NFTs, which is backed by Alibaba.
  • The artist to be featured will be Heshan Huang from China with the sale of his “real-estate.”
  • This event will also see the teaming up of NEAR protocol with Web3Games.

Although BTC might be seeing a rough time now, a piece of optimistic news can be heard that concerns the NFT industry. According to the recent tweet by the official handle of NEAR Protocol, the partnership between Web3Games and the Protocol has been announced.

The partnership will be responsible for the promotion and sale of the sale of NFT-powered “real-estate” of a renowned Chinese artist. The artist is Heshan Huang, who will be the first artist to sell his NFT in the Taobao Music Festival that is being held this year.

Taobao Music Festival started in 2016

Taobao is a subsidiary of the Chinese giant Alibaba. The e-commerce website has made a name for itself for the last five years with the Taobao Music Festival that started way back in the year 2016. This year, the sixth festival will be hosted.

The goal of the Taobao Music Festival is to promote Chinese artists and their works by organizing a proper exhibition of their work. This is the first time that the festival will be hosting the sale of NFTs. This can be a revolutionary festival in the NFT industry, paving the way for more such exhibitions.

Registering in a NEAR wallet is mandatory for all buyers

It is mandatory for all buyers to register on a link that they will provide on their mobile phones. The link will direct them to a NEAR wallet. This year’s Taobao Music Festival is powered by the partnership of NEAR Protocol and Web3Games, and so, NEAR wallet is mandatory to receive digital NFT for any buyer.

Back in the month of May, when another subsidiary of Alibaba, Alipay, launched two of its NFT tokens, there were about 16,000 of these tokens that were sold in an hour. This art would show on the payment page of all the users who bought these tokens.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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