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Alibaba Cloud, China’s largest cloud service provider, has announced the launch of NFT solutions. The cloud service provider can either build an NFT marketplace or set up a collection to assist in the development of NFT markets and then deliver it to a global user base.
Alibaba's Foray into NFTs
Alibaba Group Holding already has an NFT marketplace called Blockchain Digital Copyright and Asset-Trade which can be accessed through Alibaba’s Auction platform. This is facilitated by the Sichuan Blockchain Association Copyright Committee. Some featured functionalities of the platform include an Alibaba Cloud Elastic Compute Service (ESC) and Auto Scalping, which help build the web server for the NFT marketplace with high elasticity. One can store static content such as text or images in Object Storage Service (OSS). Non-sensitive data like platform ID and user alias can also be stored in a database. https://twitter.com/alibaba_cloud/status/1534460233069735936 Even though Alibaba Cloud and its parent company, Alibaba Group, are transcontinental companies, they still have their roots in China. Meanwhile, the Chinese government has been issuing strong warnings about the dangers of trading in NFTs while cryptocurrencies and cryptocurrency mining are strongly prohibited in mainland China. The government, however, has stated that it has no plans to outlaw NFTs.