Chinese artist showcases NFT real estate at Alibaba-sponsored innovation festival

Chinese artist showcases NFT real estate at Alibaba-sponsored innovation festival


This year’s Taobao Maker Festival — an annual event celebrating Chinese art and entrepreneurship hosted by the Alibaba-owned e-commerce platform Taobao — will showcase nonfungible tokens (NFTs) for the first time.

This year’s event will see decentralized application platform Near Protocol team up with blockchain gaming firm Web3Games and Chinese artist Huang Heshan to sell NFT-based real estate created by Huang.

Heshan’s virtual “Bu Tu Garden” will be available for purchase during the event, with the garden comprising more than 1,000 virtual structures, including ten “luxury single-family villas,” 300 high-end units, and 1,000 “umbrella” parasols.

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Bu Tu Garden forms part of Heshan’s first NFT collection, “Toorich City Series” — which is built around a fictional real-estate tycoon, Mr. Toorich, who is dedicated to building up-market housing for the economically disadvantaged.

The Bu Tu Garden NFTs can be purchased using Chinese renminbi via Taobao’s website. The tokens must be claimed with a Near wallet.

The Taobao Maker Festival was first held in 2016, with

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