Alibaba Cloud launched service to create NFT marketplaces

The full-cycle ecosystem also provides databases and a cyber threat protection system

09.06.2022 - 10:20

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2 min

What’s new? Alibaba Cloud, a cloud solution provider, (a division of the Chinese holding company Alibaba Group) has announced the launch of its own NFT service. It can be used to create marketplaces of non-fungible tokens for further market launches. The service is an ecosystem with databases and security, including a web application firewall and DDoS protection.

Official service page on the Alibaba Cloud website

What else is known about the new service? The service operates on a subscription system, the cost of which varies depending on the set of features. There are a total of eight types of subscriptions available. For free, one can access the platform for 3 months with a limit of 1 terabyte of outbound traffic. The most expensive subscription will cost $26 826 per year and includes protection against cyber attacks.

In August 2021, Alibaba launched an NFT copyright marketplace with the support of the Sichuan provincial government. With it, independent musicians, writers, developers, and other professionals can sell copyrights to their content to third parties. NFTs issued based on New Copyright Blockchain are used for this.

In November 2021, analysts reported that hackers exploited a vulnerability in Alibaba’s server configuration systems, enabling them to launch anonymous Monero cryptocurrency mining on cloud-based facilities.

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