Alipay Launched an NFT Marketplace

Blockchain reporter Colin Wu revealed that the bottom of China’s largest payment system, Alipay, has launched its own non-fungible token (NFT) marketplace. The new marketplace is available on the Alipay app.

The head of the blockchain investment company Sino Global Capital, Matthew Graham, has even managed to buy one NFT, for yuan. At the same time, Graham admitted that Alipay may have been late with the creation of the NFT marketplace, given that the interest in the market has already subsided.

At the moment, NFT in the marketplace cannot be bought with cryptocurrency.

NFT tokens are stored on a self-written blockchain called AntChain. Therefore, products purchased within the AntChain ecosystem cannot be transferred to other blockchain networks like Ethereum.

The decision to deploy an NFT marketplace on its own blockchain is due to China’s repressiveness towards the cryptocurrency market. In mid-May, the Chinese authorities announced a fight against miners to protect the financial system.

Miners from the Nasdaq list tried to defend the cryptocurrency industry and called on the Chinese authorities to open the door to at least green mining.

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