Ant Group highlighted the differences between NFTs and cryptocurrency after its successful sales of digital art.

16,000 copies of NFT-backed app images sold out on Ant Group’s payment platform Alipay within hours on Wednesday. 

The sale, however, prompted the Jack Ma-controlled Ant Group to clarify that non-fungible tokens are not cryptocurrencies, Reuters reported. Ant’s swift response appears to be related to China’s intensifying crackdowns on crypto trading and mining. 

Alipay and Dunhuang Research Academy jointly released two images based on AntChain, which is Ant’s enterprise blockchain, for the app’s payment page. Each image has 8,000 copies. 

The two digital artworks appear to be inspired by murals in the Mogao caves in Gansu province of Northwestern China, which has been listed as a world heritage site by the United Nations Educational, Scientific and Cultural Organization (UNESCO). 

The buyers do not own the copyrights of these two images. But the image will appear on their payment page whenever they use Alipay. People were able to purchase the digital artworks by a combination of 9.9 yuan (or $1.52) and ten Alipay reward points, which can be earned by its users from making purchases with the mobile app. 

NFT art can be auctioned on Alipay and Ant Group’s enterprise blockchain AntChain said it supports NFT products with its technology, according to the report. 

Alipay’s adoption of NFTs could be significant because it provides Chinese buyers with a channel to pay for NFT artwork with local fiat currency renminbi. The artwork on decentralized public chains such as Ethereum would have to be paid with native tokens. That could be difficult for Chinese investors since the country started cracking down on fiat-to-crypto trading in 2017. 

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Cryptocurrency exchanges are on board Terra’s LUNA hard fork and Do Kwon’s plan for the Terraform Labs token’s rebirth. Do Kwon has garnered support from leading cryptocurrency exchanges for the new Terra chain. 

More Terra News

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Ethereum dipped below the $1,900 support level over the past few hours. A decisive close below such a vital demand zone will put ETH at risk of a 38% correction toward $1,200. 

More Ethereum News

A big price move is coming for Binance Coin; here’s what to look out for

A big price move is coming for Binance Coin; here’s what to look out for

A brief technical and on-chain analysis on Binance Coin price. Here, FXStreet's analysts evaluate where BNB could be heading next. 

More Binance Coin News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Bitcoin price, Ethereum and other cryptocurrencies are stabilising after the cryptocurrency space got slaughtered last week and two weeks ago.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP