Alibaba Group Holding Ltd – ADR’s cloud service could possibly be launching a service to construct NFT marketplaces for corporations.
What Occurred: Alibaba Cloud introduced the launch of an “NFT Answer” in a tweet on June 8. The tweet in query has since been deleted.
“NFTs (Non-Fungible Tokens) are taking the digital artwork and collectibles world by storm on social platforms, and shortly within the Metaverse,” the tweet learn.
“Alibaba Cloud has launched the NFT Answer, which incorporates website hosting, digital advertising & content material supply to construct your NFT marketplaces.”
It’s unclear whether or not the blockchain utilized by Alibaba Cloud will help cryptocurrencies — the usage of which has been banned in China since September 2021.
September additionally noticed a brand new Knowledge Safety Regulation come into impact within the area. The regulation prohibits the switch of information throughout borders with out in search of permission from the federal government.
In line with an evaluation from Skadden, corporations present in violation of rules regarding “core information” face penalties of as much as RMB 10 million or $1.56 million, the compelled shutdown of their companies, and potential legal liabilities.