180-Day Wait for NFT Buyers to Resell to Prevent Hype: Alibaba

Source: businesswire.com

Blockchain solution, Antchain from Alibaba, recently announced a move to curb ‘malicious hype’ in its services. The platform is setting up a time threshold for transactions involving non-fungible tokens (NFTs)

NFT buyers will now have to wait for 180 days in order to resell a recently acquired NFT. This six-month wait period is in place to counter an NFT malicious hype within its platforms. This move comes amid Beijing’s unsupportive attitude towards crypto.

Tech Giants Resisting NFT Hype in China

At the beginning of this month, Ant Group, J.D Technology, and Tencent Cloud issued the so-called ‘self-disciplinary industry convention.’

The tech giants pledged to resist NFT hype hence the rebranding that saw NFT projects labeled as digital collectibles.

As per Ant Group’s press release, the trio issued a convention relating to digital, cultural, and creative works. Pledging not to get involved in cryptocurrency and saying they will work to prevent speculation and risks of money laundering. And Guofei Jiang, Vice President of Ant Group, said in a statement that digital collectibles on AntChain are packed with the actual value of quality, cultural, intellectual property, and artworks and that a company resists any form of negative hype.

AntChain confirmed the rebranding of NFTs as digital collectibles in a tweet last week, and Huan he, an NFT. app that Tencent launched in August, has also removed references to NFTs from the app.

While NFTs are not a part of China’s recent surprising ban on crypto-related activities, the Securities Times, the sister paper of the People’s Daily and the Chinese government-aligned Guangming Daily, recently did a publication on opinion pieces criticizing hype over NFTs.

Alibaba About Antchain

Alibaba launched Antchain under its fintech arm, Ant Group, to ensure increased trust and transparency in its industrial processes. This technology is also to help speed up the digital transformation of traditional industries.

Source: Antchain.net

Built on top of Ant Group’s blockchain technology, Antchain combines secure computation, artificial intelligence, and the internet of things (IoT) to support digital transactions.

According to the company, this combination of technologies has been in use within the company’s information technology structure before. They have been helpful in shipping, insurance claim processing, cross-border remittances, and charitable donations.

“Since our inception, building trust has been core to our offer to customers,” said Eric Jing, executive chairman of Ant Group. “We believe in blockchain’s potential to redefine trust in the digital age, and in solving real-life problems for our customers.”

The AntChain initiative also has a built workstation similar in size to a laptop that comes with an in-built hardware and software accelerator to smoothen the functioning of blockchain applications.

The workstation also reduces the set-up time to one-tenth of the usual and increases transaction speeds by 30%.