Alibaba launched the Cloud NFT solution but soon discontinued it

Alibaba launched the Cloud NFT solution but soon discontinued it

The cloud business unit of Chinese market giant Alibaba Group Holdings has launched a new non-fungible token (NFT) solution and immediately deleted all online references to it.

According to a now-deleted Twitter post announcing the launch on Wednesday, the company’s NFT Marketplace solution included the “web hosting, digital marketing and content distribution” infrastructure, but it is no longer listed on its website.

There are no further press releases or announcements regarding the NFT solution on the Alibaba website. In the meantime, the link to the solution page still appears in Google search results and is now redirected to the Alibaba Cloud Solution index page.

The reason for deleting social media posts and deleting your website is unclear at this stage. Although cryptocurrency trading and mining are banned in China, the country has a regulatory gray area, including NFTs – authorities deny this but have not yet imposed a complete ban.

The short-term NFT focused solution was Alibaba Cloud Elastic Computer Services (ECS) and auto scaling for market growth, an integrated SMS digital marketing service for vendors to connect with buyers, and a global delivery, Alibaba Cloud Content Delivered. CDN) and Server Load Balancer (SLB) capable of supporting 100,000 queries per second.

The South China Morning Post (SCMP) – owned by Alibaba – noted that the solution is targeted at customers outside mainland China, a representative told the publication that the solution is only for the international Alibaba Cloud website.

SCMP also said that Alibaba-authorized entities such as Ant Group and Tencent Holdings have in the past moved to avoid any potential regulatory backtracking, identifying their listed NFTs as “digitally collectible”. These are also offered on private blockchains and are purchased using Chinese Fiat currency.

Even Alibaba Cloud’s website has a new metavers-focused solution that offers remote rendering, data analytics and AI, including Blockchain as a Service (BaaS), as part of the personal Alibaba Cloud blockchain.

Under Metaverse Solutions, the company notes that NFTs can be integrated into a Metaverse made from Alibaba services, but the company does not provide any specific infrastructure.

In April, the China Banking Association, the China Internet Finance Association and the Securities Association of China issued a joint statement warning the public not to invest in NFTs because of the “hidden risk” of assets. They also noted that companies’ NFTs should not be considered as other financial products such as bonds, precious metals and other financial products.

Cointelegraph also reported in March that Chinese social media giants such as WeChat and WhaleTalk had updated their policies to restrict or remove NFT platforms from their networks, citing a lack of regulatory transparency and fears of official crackdowns. However, Beijing has not yet imposed sanctions on the sector.

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