Saturday, January 28, 2023

Chinese Financial Giant Alipay Introduces NFT Selling Platform AntChain

Alipay, the largest digital payment platform in China, has sold the first batch of NFT artwork on its own blockchain service network called AntChain.

As per the media reports, Alipay has introduced 8000 limited-editions of NFTs, which were based on two pieces of artwork, to honor the ancient artwork of Dunhuang Caves.

This first batch of NFT introduced on AntChain has the images of flying ‘apsaras’ along with sacred deer from the Caves of the Thousand Buddhas. 

AntChain is a private blockchain, which has been started by the Ant Group for issuing NFTs and the platform released its first batch of collectibles with 8000 limited-editions. 

Ant Group is considered one of the largest financial companies around the world with a value of $200 billion. Apart from offering financial services, the company also initiates research work in the blockchain industry. 

According to available data, from the year 2017 to 2020, the Ant Group registered the highest number of patents based on blockchain.

After achieving success in different markets, the Ant Group entered the NFT market. For the past few years, NFTs have gain popularity in the market. The digital collectibles have got support from different digital artists, celebrities, musicians and athletes, as they introduced NFTs to celebrate their work with their fans. 

NFTs offer ownership of unique digital collectibles to individuals. The ownership of NFT is registered on a public blockchain like Ethereum. 

Presently, most NFTs are minted on the Ethereum blockchain, therefore, individuals are allowed to trade them with its native cryptocurrency ETH. However, the Ethereum-based NFTs are put in contradiction with the Chinese law regarding trading and fundraising. 

The private blockchains are centralized in nature, therefore, individuals are not allowed to use them for trading cryptocurrency. The NFTs issued on AntChain platform were bought for 9.9 Renminbi (RMB), plus 10 Alipay credits.

Issuing NFTs on private blockchain raised concerns over its inception and real value, but that did not stop the financial payment giant from selling Dunhuang-based NFTs. 

Recently, a team operating AntChain has signed a five-year deal with The Union of European Football Association, allowing them to use the blockchain network in football.

As per AntChain, over 50 businesses around the world are using its blockchain services, in areas like supply chain management, finance, banking and cross-border payments.

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