Alibaba Cloud on Wednesday said it will help build NFT marketplaces in a quick and efficient way.
- Alibaba Cloud announced the news on Twitter, however the post was taken down on Thursday.
- Its NFT solution includes web hosting, mobile messaging, and the global content delivery network (CDN) service, a feature which allows for data to be distributed globally through Alibaba Cloud’s service nodes.
- Alibaba Cloud did not share what blockchain they would be based on nor did it reveal whether the blockchain for the NFT marketplaces will support cryptocurrencies.
- Parent Alibaba Group was founded in China. China banned cryptocurrency trading last September.
- The country’s new Data Security Law came into effect last September and limits any cross-border data transfer without government permission. However, the exact scope of the restriction is not discussed, according to a global law firm Jones Day.
- Failure to adhere to the law could be penalized, licenses or permits may be revoked, or even the closure of business.
- Over 80% of the Alibaba Cloud’s CDN service’s nodes located in mainland China.
- A global public chain was also launched by Chinese state-backed blockchain company Blockchain Service Network (BSN) this year. The domestic and international blockchain systems will be made to run separately.
- Flipping of NFT is being frowned upon by Chinese state-backed entities, with NFT marketplaces and issuers trying to avoid any resemblance to financial products.
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