Cryptocurrency, News, NFT

Taobao Maker Festival Is Going To Showcase NFTs This Year

The Taobao Maker Festival (an annual occasion celebrating entrepreneurship and art in China) of 2021 is sponsored by Alibaba’s e-commerce platform named Taobao, including the showcase of NFTs (nonfungible tokens), which make the event the first of its kind. The festival will be held in Shanghai, and it will incorporate the showcases of the NFT artworks that portray real estate “socialist cyberpunk.”

The event will include a mutual collaboration between a Chinese artist named Haung Heshan and dApp (decentralized application) organization called Near Protocol and Web3Games (a gaming firm utilizing blockchain technology.

A virtual “Bu Tu Garden” will be offered by Heshan for purchase in the course of the event. The garden comprises virtual structures counting up to 1,000. The other things will also be offered in addition to the garden, such as ten excellent family villas, umbrella parasols numbering up to 1,000, and 300 exclusive high-end units. Bu Tu Garden comprises a portion of the first NFT store of Heshan named “Toorich City Series,” built around Mr. Toorich (a tycoon of fictional real-estate) who is devoted to the construction of market housing to benefit the economically deprived.

The purchase of the aforementioned NFTs will be made through the website of Taobao utilizing the Chinese renminbi. Another condition for purchasing the tokens is that they must be demanded via the wallets offered by Near. Heshan, while recounting his surprises regarding the NFTs, stated that initially, he was of the view that working with the NFT and blockchain would be extremely complex.

Socialist Cyberpunk disclosed that charges of minting NFTs through Near are much lower than the costs charged by Ethereum. He added that the minting of an NFT takes just a small amount of cents on Near; however, it demands a hundred and sometimes thousand dollars on Ethereum, which is a lot more expensive.

Although the NFTs of virtually developed real estate, developed by Heshan, are completely artistic even than a noteworthy upsurge has been recorded regarding such land plots existing in a game Decentraland (which is based on blockchain technology) for making a collection of up to $900,000 during the last month.

In the recent week, it has been reported that Kieran Warwick (a co-founder of Illuvium) has sold a virtually built land plot, which he had bought in Axie Infinity a year ago, for the benefit of above 9,000%.

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