Chinese artists showcase NFT real estate at Alibaba-sponsored Innovation Festival

This year’s Taobao Maker Festival-an annual event celebrating Chinese art and entrepreneurship hosted by Alibaba’s e-commerce platform Taobao-will showcase the non-fungible token (NFT) for the first time.

This year’s event will see a decentralized application platform Near agreement Cooperated with blockchain game company Web3Games and Chinese artist Huang Heshan to sell NFT-based real estate created by Huang.

During the event, you can purchase the Heshan virtual “Butu Garden”. The garden is composed of more than 1,000 virtual structures, including 10 “luxury single-family villas”, 300 high-end units and 1,000 “umbrellas”.

This earthen garden form Part of Heshan’s first NFT series “Toorich City Series”-built around the fictitious real estate tycoon Mr. Toorich, who is committed to building high-end housing for the economically disadvantaged.

Bu Tu Garden NFT can be purchased with RMB through Taobao website. Tokens must be collected using the Near wallet.

Taobao Maker Festival was held for the first time in 2016, and this year’s event will be held at the Shanghai National Convention and Exhibition Center from July 17th to July 25th.

Dialogue with Blockcast, Heshan Narrate He was surprised by the ease of using non-fungible tokens and said: “I initially thought that the concept of blockchain and NFT would be very complicated.”

The self-proclaimed “socialist cyberpunk” also emphasized that compared with Ethereum, the cost of casting NFT on Near has been reduced. He said: “The cost of casting NFT on Ethereum is too high by hundreds or thousands. U.S. dollars. NEAR is only a few cents, which is very suitable.”

related: After the plot is sold for a record $1.5 million, virtual land may be more valuable than real land

Although Heshan’s digital real estate NFT is purely a work of art, crypto-driven virtual real estate has seen significant growth in the past year. Digital land in the blockchain game Decentraland Selling at more than 900,000 US dollars last month.

Last week, Cointelegraph reported that Illuvium co-founder Kieran Warwick flipped the virtual land he bought at Axie Infinity last year. More than 9,000% profit.