Alibaba’s Taobao Maker Festival in China has added real estate NFTs to its schedule for the first time in its six-year history.
Heshan Huang, a Chinese artist, produced hundreds of virtual structures for the exhibition.
Heshan Huang, a Chinese artist, collaborated with Web3Games and NEAR Protocol to develop hundreds of virtual buildings within the virtual Bu Tu Garden Community, featuring ten luxury single-family villas, 300 high-end condos, and 1,000 ‘Umbrellas’—parasols.
The Bu Tu Garden Community is a subset of Huang’s complete NFT collection, which he refers to as the ‘Toorich City Series.’ The collection is centred on the fictional character of Mr Toorich, a real-estate magnate devoted to the construction of luxury housing developments for the underprivileged.
Huang’s first NFTs. He explained to Blockcast that his designs are the result of meticulous fieldwork in both towns and cities to develop his distinct cyberpunk look.
Due to China’s increasing crackdown on digital currencies, potential customers will be unable to purchase these NFTs using bitcoin, as is the case with the majority of NFTs. Huang explains that clients will need to visit the Taobao website and make a yuan payment in order to own a piece of his garden community.
Alibaba Group, a Chinese retail and technology conglomerate, owns the company. Taobao is one of China’s largest e-commerce platforms.
In 2016, the website hosted the Taobao Maker Festival to showcase products ranging from pet treadmills to transparent burgers.
The Taobao Maker Festival took place in August of last year. It was a truck tour of four cities, including Xi’an and Wuhan. This year’s festival began yesterday in Shanghai and will run until July 25.