Bitrabo Editorial
E-commerce giant AliExpress is teaming up with The Moment3 to launch the sale of 5,555 non-fungible tokens (NFTs) on June 25th. The partnership was announced through AliExpress’ official Twitter account on June 8th. This collaboration demonstrates AliExpress’ efforts to expand into the Web3 space.
Accelerating Web3 and Cryptocurrency Plans
AliExpress, a subsidiary of Alibaba Group, one of China’s largest e-commerce company, has shown interest in launching its business into the crypto space. Alibaba Cloud launched a service in June 2022 that helps build NFT marketplaces, which addresses compliance issues and enables a fast and reliable option for creating NFT marketplaces.
The Moment3, AliExpress’ recent partner, is an NFT project that connects real-world businesses with Web3. Through this partnership, Moment themes are now available on AliExpress. This marks AliExpress’ second foray into the crypto space, following its partnership with Shopping.io, which allows users to shop and pay with cryptocurrencies on top e-commerce stores such as eBay and Walmart.
Legal Standing of NFT Trading in China
Although Alibaba Group is headquartered in China, it doesn’t serve customers in mainland China. Its services are designated for international customers, which explains why the company can accept crypto payments despite the Chinese government’s ban on cryptocurrency transactions. In September 2021, China prohibited all crypto transactions, and the government has issued multiple warnings on the risks of NFTs speculation. In a recent development, China’s Supreme People’s Procuratorate issued various statements on the financial risks associated with NFT markets, including illegal fundraising, scams, and price manipulation. Despite this, AliExpress is moving forward with its NFT sale.
Featured image from Pixabay and chart from TradingView.com