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Alibaba Cloud on Wednesday said its service will help build NFT marketplaces in a fast and reliable way, without addressing compliance issues.
Fast facts
- 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.