Alibaba Launched its First NFT In Collaboration With Hangzhou Cuisine Museum

Alibaba Launched its First NFT In Collaboration With Hangzhou Cuisine Museum

Ele.me, which is owned by Alibaba, launched its first non-fungible tokens (NFTs) on Tuesday in collaboration with the Hangzhou Cuisine Museum, which featured classic Hangzhou dish cod meatballs.

To promote local food and culture, the meal delivery giant teamed up with the Hangzhou Municipal Bureau of Commerce. By posting a series of original images of classic Hangzhou foods, users can claim the NFTs. Ele.me’s NFTs are non-transferable, a move taken to comply with the standards of China’s banking and financial self-regulatory agencies.

Ele.me and Meituan control China’s food delivery market as a duopoly. Meituan, which is partially owned by Tencent, an Alibaba competitor, has yet to issue its own NFTs.

China’s Guangzhou EV Giant XPENG Will Sell NFTs on Alibaba NFT Platform

Chinese electric vehicle giant Xpeng is selling “digital collectibles” – a term used by local corporations to avoid NFT’s denouncement – as part of a promotion celebrating the company’s 100,000th vehicle.

Users on Alibaba’s NFT marketplace, Jingtan, will be able to purchase the car-themed NFT after taking a test drive in an Xpeng vehicle and paying a cost of 19.9 yuan ($3.13).

Xpeng is the latest automaker to issue NFTs as a result of the move. It comes after Auchan Auto used an NFT drop on Tencent’s platform to advertise its new model, while Roewe Auto auctioned off its first NFT painting with a customized car earlier this year.

Last October, SAIC Motor, China’s largest A-share-listed auto firm, announced its “drive-to-earn” reward plan, hinting at an NFT issue.

NFTs are officially unregulated in China, although officials have frequently warned of the dangers of hype and unlawful fundraising.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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