China’s Alibaba Cloud Quietly Launching International NFT Solutions

Alibaba Group, a global e-commerce company, has launched new cloud computing services for NFT platforms that are not located in mainland China.

According to reports in the SCMP, which was owned by Alibaba, Alibaba Cloud will offer digital marketing, web hosting and content delivery.

According to an Alibaba spokeswoman, NFT and Metaverse services are now listed on Alibaba Cloud’s international website. The company recently launched Metaverse-related products, including remote 3D rendering, data analytics, artificial intelligence, and blockchain-as-a-service (BaaS).

Alibaba Cloud is seeking to enter an international market where Amazon Web Services dominates. However, on the mainland, Alibaba Cloud commands a market-dominant 37% revenue share of China’s $27.4 billion cloud infrastructure services sector.

NFTs are illegal grey areas in China. China has already made it illegal to trade and crypto mining. On June 8, the firm tweeted an NFT announcement, but it was later deleted. Also, there was no press release to suggest that pressure from Beijing had been applied.

Alibaba affiliates Ant Group and Tencent Holdings had to rename their NFT platforms last year to “digital collectibles,” potentially for the same reason.

NFT Market Update

The NFT markets are suffering from the crypto bear. According to Nonfunbible.com market tracker, the number has fallen half a million since the start of May. For June 9, the daily sales figure was just below 21,000, compared to 40,000 last month.

On June 9, the platform had reported daily sales of $24 million and nearly $57 million respectively. NFT wallets active fell to 17,000 last week from more than 90,000. As sales continue to fall, cheaper Ethereum prices have not been reflected in NFT markets.

Salesforce NFT Cloud Platform

San Francisco-headquartered cloud software firm Salesforce also announced the rollout of a closed pilot program for a new service called NFT Cloud. According to reports, it will allow users to manage NFTs and mint them for brand engagement and marketing.

TechCrunch was told by Adam Caplan (SVP of Emerging Technology at Salesforce) that executives want assistance in entering the Web3.

While the platform will use a smart contract-based, proof-of-stake cryptography, it did not say if it would use an existing one. Salesforce began work on a Blockchain product in 2018. It introduced development tools the year after. Details are still scarce.

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