This yr’s Taobao Maker Pageant — an annual occasion celebrating Chinese language artwork and entrepreneurship hosted by the Alibaba-owned e-commerce platform Taobao — will showcase nonfungible tokens (NFTs) for the primary time.

This yr’s occasion will see decentralized software platform Near Protocol workforce up with blockchain gaming agency Web3Games and Chinese language artist Huang Heshan to promote NFT-based actual property created by Huang.

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Heshan’s digital “Bu Tu Backyard” can be out there for buy throughout the occasion, with the backyard comprising greater than 1,000 digital buildings, together with ten “luxurious single-family villas,” 300 high-end items, and 1,000 “umbrella” parasols.

Bu Tu Backyard forms a part of Heshan’s first NFT assortment, “Toorich Metropolis Sequence” — which is constructed round a fictional real-estate tycoon, Mr. Toorich, who is devoted to constructing up-market housing for the economically deprived.

The Bu Tu Backyard NFTs might be bought utilizing Chinese language renminbi by way of Taobao’s web site. The tokens have to be claimed with a Close to pockets.

The Taobao Maker Pageant was first held in 2016, with this yr’s occasion going down in Shanghai’s Nationwide Exhibition and Conference Heart from July 17 by means of July 25.

Talking to Blockcast, Heshan recounted his shocked with the benefit of working with nonfungible tokens, stating: “I initially thought that the ideas of blockchain and NFT can be very difficult.”

The self-described “socialist cyberpunk” additionally emphasised the diminished prices of minting NFTs on Close to when in comparison with Ethereum, stating: “The price of casting an NFT on Ethereum is tons of or 1000’s of {dollars} too costly. NEAR solely prices a number of cents and may be very appropriate.”

Associated: Virtual land can be worth more than the real thing after plot sells for record $1.5M

Whereas Heshan’s digital actual property NFTs are purely creative works, crypto-powered digital actual property has seen important development over roughly the previous yr, with a digital land plot inside blockchain sport Decentraland selling for more than $900,000 final month.

Final week, Cointelegraph reported that Illuvium co-founder Kieran Warwick had flipped a digital land plot he bought final yr in Axie Infinity for a profit of more than 9,000%.