Alibaba Integrates Cloud Service for NFT Solutions
China’s largest cloud service provider, Alibaba Cloud has announced the integration of NFT solutions on its platform. According to the company, customers can now build their NFT marketplaces by using solutions like web hosting, digital marketing, and content delivery, all of which are resident on its platform.
This development represents a step forward towards the establishment of the NFT industry which is still in its formative years. Of course, yet under scrutiny in China, with a regulatory framework that is yet to be fully established, Alibaba Cloud users can have the opportunity to explore the industry while it takes shape within the region. However, the services are not restricted to China alone, as users from different parts of the globe where there are no restrictions can explore the full benefits of the new service.
Alibaba Cloud is an established provider of web cloud services and a subsidiary of the largest online B2B trading platform in the world. Also known as Aliyun, Alibaba Cloud which was founded in 2009 has its international headquarters located in Singapore, with renowned Chinese entrepreneur, Jack Ma as its Executive Chairman, and Simon Hu as its President.
The recently launched NFT solution on Alibaba Cloud is designed to offer a full-cycle framework to digital entrepreneurs and creators. On the platform, any user can easily build an NFT marketplace or set up an NFT collection, carry out marketing activities and make it available to users all over the globe.
While announcing the launch of its new development, Alibaba Cloud as a company highlighted some of the benefits and advantages associated with building on the platform. Top among these benefits and advantages is the integrity of the platform’s ecosystem. According to the company, as presented on the website, users get unlimited access to every tool that they need in building and creating their NFT-related products.
Some of the tools that are made available to users on Alibaba Cloud include database and storage capacities, security tools and enablements, a cloud enterprise network, and a messaging service. Some of the essential aspects of the security tools that Alibaba Cloud offers to its users include the web application firewall, DDoS protection, and security center.
The Alibaba Cloud NFT solution works on a subscription basis, with the tools for every subscription divided into packages. The full subscription consists of eight different features with varying costs. However, some of the features come as part of a single subscription, as per basics that must be integrated to run the service. The most expensive feature among all eight of them is the DDoS security mentioned above. It costs $26,826 to access the Alibaba Cloud DDoS security for one year.
As mentioned above, the regulatory framework of NFTs in China isn’t clear yet. This is because of its natural affiliation with cryptocurrency, which of course is banned in China. This reflects on the company’s services within the country, considering that it is where Alibaba Cloud’s parent company is deeply rooted. However, Alibaba Group and other big tech companies have always considered the regulatory situation in their developments. They have carefully structured their products to align with the existing compliance codes while waiting for a well-defined regulatory framework.
Notwithstanding, Alibaba Cloud’s NFT solutions integration remains a major step for the industry, not just at the local level, but also transcontinentally. It is an addition that would improve both the awareness and adoption level of the technology, aiding the propagation and development of NFTs across the globe.