NFT art is a new form of artwork that can be bought and sold on the blockchain. Alibaba has released NFT art with luxury brands for Singles Day. Read more in detail here: what is nft art.

Alibaba Group Holding Ltd. has released a limited-edition art piece that is permanently available on the blockchain, as part of this year’s Singles Day sales event. The product was made to celebrate Alibaba’s 10th Anniversary and features artwork by five luxury brands including Rolex, Chopard, Cartier, Tiffany & Co., and Bvlgari

Alibaba has unveiled an unique NFT offering for China’s forthcoming Singles’ Day on November 11, riding the wave of the NFT craze. Singles’ Day, analogous to Black Friday in the United States, is China’s largest shopping occasion. With the introduction of “Double 11 Metaverse Art Exhibition” in its mobile app last month, Alibaba’s Tmall is hosting luxury brands on its shopping platform to celebrate in style.

Burberry, Longines, Alienware, and Coach are among the brands offering NFTs at the event. The exhibition is a virtual place where visitors may engage with and explore the NFT artworks that these businesses have to offer. Each digital limited-edition item also includes a physical item.

Many of the NFTs have already sold out, such as Burberry’s NFT line, which consisted of 1,000 limited-edition scarves that cost $453 apiece and came with an interactive deer NFT. Other NFTs for sale include 45 limited-edition Longines NFTs with a $2,700 watch, as well as 100 Alienware NFTs with the company’s branding for everyone who buys a laptop.

Alibaba’s NFT product has gotten both favorable and negative feedback from Chinese residents. Many individuals believe the metaverse has the ability to create a society where people may live in peace while using less resources.

Last year, Singles’ Day shattered all sales records, bringing in $115 billion, compared to $4.8 billion on Black Friday for Amazon. Perhaps NFTs will aid in breaking sales records set last year.

 

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