Alibaba Cloud merges into NFT space with new solution
Alibaba Cloud, provider of web cloud services and a subsidiary of the world’s largest online B2B trading platform, launches its own NFT solution. The platform offers digital entrepreneurs and creators a full-cycle framework, where one can either build an NFT marketplace or set up a collection, market it and then deliver it to a global user base.
Among the advantages of building on Alibaba Cloud, the company highlights the integrity of the ecosystem. According to the scheme presented on the site, users get access to everything that they need to build and create their own NFT-related products, from database and storage capacities to securing services, as well as a cloud enterprise network and even a messaging service. Speaking of security, it is worth mentioning integral parts of it, which are the web application firewall, DDoS protection and security center.
Alibaba Cloud’s NFT service works through a subscription system. The cost of a subscription varies depending on the features it provides. At the same time, some of the features mentioned above are only available as part of a single subscription. For example, the DDoS protection mentioned earlier is the most expensive one and costs $26,826 per year. There are eight subscriptions in all to choose from.
Crypto? No, NFT? Yes
Even though Alibaba Cloud and its parent company, Alibaba Group, are transcontinental companies, they still have their roots in China and are heavily affiliated with the motherland. As the country maintains high pressure on cryptocurrencies, balancing the red line of regulation and market enthusiasm has become the biggest challenge for the big tech giants.
The NFT ecosystem in China is now more like a marketplace and is initiated at the national level with the support of large corporations. At this stage, it can be said that the domestic NFT market in China is still in its infancy.