Chinese Internet Giant Supports Real Estate NFTs in its Entrepreneur Festival

July 20, 2021, 11:45 AM AEST - 2 months ago

Alibaba’s e-commerce platform Taobao is unveiling its self-proclaimed “socialist cyberpunk” housing digital collection as nonfungible tokens (NFTs) in a first-time event showcasing NFTs at the Taobao Maker Festival, which concludes on July 25.

Huang Heshan, a Chinese digital artist and creator of the “Bu Tu Backyard”, is a star of this year’s festival, held in Shanghai. The annual event celebrating Chinese language, artwork and entrepreneurship will display the “Bu Tu Gardens” as part of his “Toorich City Series”.

Toorich luxury villas. Source: Toorich

With more than 1,000 virtual structures available for purchase, interested individuals can choose from 10 “luxury single-family villas”, 300 “high-end units”, and 1,000 “umbrella” parasols. However, these will not be purchasable with cryptocurrency as payment will need to be made in Chinese Yuan.

Toorich high-end units. Source: Toorich

These NFTs are purely artistic works but with the technology expanding, crypto-driven virtual real estate has seen a massive upsurge in interest. Binance’s NFT marketplace recently hosted its ‘100 Creators’ campaign and Australians are also in on the act, with an NFT art exhibition held in Adelaide earlier this year.

NFT Technology Facilitates Art and Artists

The partnership of NEAR protocol and Web3Games was essential to the creation of the Toorich City Series NFTs. Each time an artist casts an NFT on the chain, a certain fee is required. The low casting cost is one of the reasons Huang Heshan chose to cooperate with NEAR.

If I were to issue the NFTs on legacy blockchain platforms, it would cost me a few hundred US dollars to issue each NFT, whereas on NEAR, an environmentally friendly blockchain platform, minting an NFT could cost below 1 cent.

Huang Heshan

The technical standard of an NFT not only helps to better determine the copyright or ownership but can also benefit artists by including a royalty-sharing function. NEAR has played an important role in lowering the barriers for the use of blockchain technology and promoting the use of NFT technology by the mainstream.

I thought that the concepts of blockchain and NFT would be very complicated, and it would be very troublesome to operate, but the result was unexpected.

Huang Heshan

NFTs are still a niche technology, but applications are numerous in the art world. Mintbase, NEAR’s NFT platform, has provided technical support for next month’s German music festival Wilde Moehre, integrating the real world with the virtual world. The tickets for this festival, to be held from August 6-9, were also made into NFTs through Mintbase, resulting in reduced channel loss and the elimination of fake tickets and ticket resellers.

NFTs are beyond just digital collectibles. As an innovative technology, they can power many use cases across different industries. NEAR’s goal is to bridge the users of today’s internet to the blockchain-based web of the future.

Amos Zhang, general manager, NEAR Asia

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