China’s Alibaba NFT Platform Makes Owners Hold for 6 Months Before Transfer and 2 Years Before Being Transferred Again – Tech Times

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Urian B., Tech Times

China's Alibaba NFT Platform Makes Owners Hold for 6 Months Before Transfer and 2 Years Before Being Transferred Again
(Photo : Image from Li Yang on Unsplash) China’s Alibaba NFT Platform Makes Owners Hold for 6 Months Before Transfer and 2 Years Before Being Transferred Again

The Alibaba NFT platform is opening up for owners to send NFTs from one to another. There is, however, a limitation in terms of how long an owner should have their NFTs before transferring them.

Alibaba NFT Platform

According to a tweet by Wu Blockchain, the Alibaba NFT platform is opening its doors to allow owners to transfer from one to another. Users, however, will have to hold the NFT for 180 days before they can transfer them.

The limitation does not stop with owners needing to hold their NFT for 180 days. As per the tweet, there is also a limitation for receivers of the NFT. Wu Blockchain shared that recipients need to hold their NFTs for two years before transferring.

Limitations for Transferring NFTs

The tweet shared the purpose behind the limitations of transferring NFTs to another. This was done to avoid the “NFT hype” that the Chinese government apparently hates.

A link was also shared by Wu Blockchain that redirected to mp.weixin.qq.com. The article, however, cannot be translated into English. This is because the text is included in an image instead of the text itself in the article.

Blockchain Digital Copyright and Asset-Trade

According to an article by JingCultureCommerce, Alibaba has opened a digital marketplace for users to trade NFTs over a blockchain that is called the Blockchain Digital Copyright and Asset Trade. The platform allowed musicians, artists, and game developers to copyright their material on the blockchain.

In this platform, the content creators can sell their copyright materials as NFTs. The display and bidding functionality was run by Bit Universe. Users can access the platform through Tencent’s WeChat or Alipay.

Chinese Tech Giants Adopt to NFTs

Chinese tech giants like Tencent, Baidu, and Alibaba have already built their own tokenless blockchains that use China’s official currency, yuan, instead of using cryptocurrency as payment. This potentially bypasses the severe regulations on cryptocurrency in China, allowing Chinese NFT creators to monetize their work without violating its law.

Users, however, will have difficulties in selling or transferring purchases. At the same time, there is also a new generation of Chinese creatives that are now leaning into the potential of NFTs and even finding an audience that is more comfortable collecting and browsing digitally.

Read Also: Top 12 Metaverse Tokens | MANA, SAND, AXIS, and More

NFTs Called ‘Digital Collectibles’

As explained by the SCMP, Chinese tech giants Alibaba and Tencent both renamed NFTs as “digital collectibles.” This is due to Beijing casting a “wary eye” on the popular virtual asset market, seeing it as a potentially “huge bubble.”

Alibaba’s mobile payments operation financial tech affiliate Ant group gives its own NFT artworks a different name. Ant group called NFTs “digital collectibles” just months after launching NFT wallpaper for users’ payment code pages in June.

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Written by Urian B.

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