Alibaba Cloud, based in China, is quietly launching international NFT solutions

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Alibaba, a Chinese e-commerce powerhouse, and Salesforce, an American software corporation, are the most recent big names to enter the NFT arena.

Alibaba Group’s cloud computing business has introduced new capabilities for NFT platforms outside mainland China.

According to rumors published in the SCMP (owned by Alibaba) on June 9, Alibaba Cloud will include web hosting, digital marketing, and content distribution.

NFT and Metaverse services are now listed on Alibaba Cloud’s worldwide website, according to an Alibaba representative. Remote 3D rendering, data analytics, artificial intelligence, and blockchain-as-a-service are among the Metaverse-related technologies that the company just announced (BaaS).

Alibaba Cloud is attempting to break into an international market dominated by Amazon Web Services. On the mainland, however, Alibaba Cloud has a 37 percent revenue share of China’s $27.4 billion cloud infrastructure services market.

In China, where crypto mining and trading are already illegal, NFTs are legally murky. On June 8, the corporation tweeted the NFT news, but it has since been removed. No apparent news announcement indicated that Beijing regime pressure had been deployed.

Ant Group and Tencent Holdings, both Alibaba affiliates, had to change their NFT platforms to “digital collectibles” last year, maybe for the same reason.

Update on the NFT Market

The decision comes when the crypto bear market is hammering NFT markets. According to market tracker Nonfunbible.com, the number of such sales has halved since May. The daily sales total for June 9 was slightly under 20,000, compared to almost 40,000 at the same time last month.

On June 9, the platform recorded daily sales of roughly $24 million, up from nearly $57 million on May 9. Last week, active NFT wallets plummeted to roughly 17,000, down from over 90,000 in November. Cheaper Ethereum pricing hasn’t trickled down to NFT markets, where sales are still falling.

NFT Cloud Platform by Salesforce

Salesforce, a cloud software company, based in San Francisco, also announced the launch of a closed trial test for a new service called NFT Cloud. According to rumors, it will allow users to mint and manage NFTs for brand engagement and marketing purposes.

Salesforce’s SVP of Emerging Technology, Adam Caplan, told TechCrunch that corporate executives are seeking help with Web3.

The platform will run on a proof-of-stake blockchain with smart contracts, but it did not say if it would employ an existing solution. Salesforce started developing a blockchain product in 2018 and released developer tools the following year, but details are few.

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