China’s Alibaba Cloud Quietly Launching International NFT Solutions

Alibaba Group’s cloud computing division has launched new services for NFT platforms located outside of China.

According to reports published in the SCMP (owned and maintained by Alibaba), Alibaba Cloud will offer web hosting, digital marketing, content delivery, and other features.

An Alibaba spokesperson stated that NFT and Metaverse services have been added to the Alibaba Cloud 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 trying for a way into an international market where Amazon Web Services dominates. Alibaba Cloud is the market leader in China’s cloud infrastructure services industry, with 37% of China’s $27.4 Billion.

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. A press release was not issued that could have suggested pressure from Beijing.

Tencent Holdings and Ant Group, both Alibaba affiliates, had to change their NFT platforms’ names last year to “digital collectors” possibly for the same reason.

NFT Market Update

This comes at a time when NFT markets are being hit hard by the crypto bear market. According to Nonfunbible.com, sales of these products have fallen by half since May’s beginning. 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 with active NFT transactions also dropped to 17,000 from over 90,000. In November, they were at around 24,000. 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 spoke to Adam Caplan, Salesforce’s SVP of Emerging Technology, about the need for assistance by company executives in entering Web3.

Although the platform will be based on a smart contract-based proof of stake blockchain, it didn’t specify whether it would use an existing solution. Salesforce started work on a blockchain product in 2018, and released development tools the next year. However, details are scarce.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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