E-commerce giant AliExpress launches NFT sale in partnership with ‘The Moment3’
E-commerce platform AliExpress launches 5,555 non-fungible token (NFT) sale in partnership with The Moment3 on June 25. The company announced the partnership via its official Twitter handle on Thursday, June 8.
Although AliExpress deleted mail shortly after posting it, Twitter users can still see it on The Moment3’s account. The partnership project marks a new step in AliExpress’ efforts to expand into the Web3 space.
AliExpress accelerates Web3 and crypto plans
AliExpress is a giant in the global e-commerce industry and a subsidiary of China’s largest e-commerce company, Alibaba Group, which has been keen to launch its operations in the crypto space. In June 2022, Alibaba Cloud launched a service that helps build NFT marketplaces. At the time, the firm said the solution addresses compliance issues, enabling a fast and reliable option for building NFT marketplaces.
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The NFT solution included web hosting, instant messaging and a global Content Delivery Network (CDN) service. The CDN service allows data distribution through Alibaba Cloud’s service nodes worldwide. And Ihis recent partner, Moment 3is an NFT project that connects real businesses with Web3.
Moment3 offers NFT owners benefits beyond just collectibles. Through the latest partnership, users can now shop Moment themes on AliExpress. It is not AliExpress’s first foray into the crypto space this year. On May 4, the e-commerce platform became announced a collaboration with Shopping.io.
Shopping.io is an online platform where users can shop and pay with cryptocurrencies at top e-commerce stores such as eBay and Walmart. Through the partnership, AliExpress can now accept more cryptocurrencies as payments. It added the meme coin FLOKI to the list of supported digital assets on May 31st.
Legal status of NFTs trading in China
Although Alibaba Group is headquartered in China, the company does not serve customers in mainland China. Its services are designated for international customerswhich explains why the firm can accept crypto payments despite the Chinese government’s ban on cryptocurrency transactions.
China shut out all crypto transactions in September 2021, while the government has also issued several warnings about the risk of NFT speculation. In a recent development, China’s top prosecuting body, the Supreme People’s Procuratorate of China, also issued several warnings about NFTs.
The legal agency highlighted the risks associated with NFT markets, stressing the need for a legal framework for the asset class. The May 15 publication noted that NFTs are likely to cause several risks, including financial, management, network security and so on, especially legal risks.
The Procuratorate noted that the NFT market in China is still in its early stages and lacks standards and clear rules. A state prosecutor and one of the article’s authors, Wang Xia-fen, explained that NFTs trading in China could pose several financial risks, including illegal fundraising, fraud and price manipulation.
Featured image from Pixabay and chart from TradingView.com
