The ARTIFACTs NFTs will depict notable times and things from SCMP Newspaper, which is owned by Alibaba.
The market capitalization of worldwide NFTs transactions increased to $338.04 million in 2020, up from $141.56 million in 2019.
Through the South China Morning Post, Alibaba, one of the world’s largest merchants and e-commerce enterprises, has expressed interest in NFTs (SCMP). Alibaba will sell non-fungible tokens (NFTs) based on its tokenized media assets.
The NFTs will be labeled ARTIFACTs and will depict key times and things from Hong Kong’s most popular English newspaper.
Both objectives may be achieved with non-fungible tokens (NFTs), and SCMP seeks to provide a standardized metadata format that anybody can use to tokenize history as NFTs, laying the groundwork for history to be discovered, connected, and collected in a meaningful way. These NFTs are known as ARTIFACTS.
These assets’ ownership will be 100 percent decentralized, according to the release.
SCMP stated in their ARTIFACT – litepaper that it wants to tokenize true history accounts in addition to other authentic historical occasions. In the long run, the SCMP intends to invite additional institutions to participate in its ARTIFACT NFT creation process.
We intend to produce ARTIFACTs from SCMP’s historical archives using the standardized metadata structure in the near future. Our goal is to create the first application of this standard and establish the groundwork for a thriving ARTIFACT ecosystem. In the long run, we’ll invite additional organizations (such as media publishers, museums, and academic institutions) to embrace the ARTIFACT standard for historical NFT development.
Alibaba also plans to showcase real estate NFTs during the Taobao Maker Festival. The paintings of Chinese artist Heshan Huang will be on display at the NFTs. The artist has created hundreds of virtual buildings in collaboration with NEAR Protocol and Web3Games.
NFTs of 10 premium single-family villas, 300 premier units, and 1,000 parasols or ‘Umbrellas’ will be available from the Chinese e-commerce giant. All of this may be seen at the Bu Tu Garden Community in the virtual world.
NFT is becoming more popular.
With NFTs’ growing global appeal, more publications have taken an interest in them. TIME, a well-known publication in its field, produced three NFTs of popular magazine covers in March of this year. CNN, which is owned by WarnerMedia, entered the NFT arena in June with tokenized historical news coverage. CNN coined the term “Vault” to describe these. TIME Magazine and Crypto.com have teamed up to allow cryptocurrency payments.
Notably, since its launch in 2012, the popularity of NFTs has expanded significantly. The artist Beeple sold his “Everydays: The First 5,000 Days” for $69 million at auction this year. In addition, Twitter CEO Jack Dorsey sold the first tweet for over $3 million in an auction. “Just putting up my twttr,” a tweet from March 2006, has been retweeted over 120,000 times and liked over 160,000 times since then.
In addition, the market capitalization of worldwide NFTs transactions has increased from $40.96 million in 2018 to $141.56 million in 2019. According to marketplacefairness.org, this sum will have more than doubled to $338.04 million by 2020. Trading volumes for NFTs on Ethereum alone have surpassed $400 million by March 2021.
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