Chinese Fintech Behemoth Alipay Now Sells NFTs

Alipay — the behemoth operating China's top digital payments mobile application — started selling non-fungible tokens (NFTs) representing artwork.
What Happened: According to a Wednesday Forkast report, Alipay already found buyers for 8,000 editions of two artworks within one day.

The first batch represented flying apsaras and sacred deer from the Caves of the Thousand Buddhas (Mogao Cave) in the Chinese city of Dunhuang.

                                        Image: Alipay

How It Works: Buyers paid for the artwork 10 Alipay points in addition to 9.90 yen — equivalent to about $1.50 — with no other payment option being accepted.

The tokens leverage Ant Chain, the proprietary blockchain service launched by Alipay's parent firm Ant Group which is, in turn, an affiliate of the Chinese Alibaba Group.

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Alipay also plans to launch the second batch of 8,000 editions of two artworks from the Chinese animation series Scissor Seven tomorrow.

NFTs are blockchain tokens different from most digital assets because no two are alike — while each Bitcoin BTC/USD or Ethereum ETH/USD is just like any other — which is why this peculiar kind of tokens is the preferred option for limited-edition collectibles.