Alibaba Cloud Launches NFT Marketplace Service

Alibaba Cloud, a subsidiary of Alibaba Group, announced the launch of non-fungible token (NFT) solutions. The company intends to create NFT marketplaces, including web hosting and content management. Alibaba Cloud has not revealed whether the blockchain for NFT marketplaces will support cryptocurrencies. It also does not disclose which blockchain they will be based on.

China, where parent company Alibaba Group was founded, banned cryptocurrency trading last September. The country's new data security law, which went into effect last September, restricts any cross-border data transfer without government permission, although the exact scope of the restriction has not been specified, according to international law firm Jones Day.

Failure to comply with the law can result in fines, revocation of licenses or permits, and even business closure. 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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