- Through AliExpress, Alibaba is now gearing up for crypto induction in its ecosystem.
AliExpress, the child entity of China’s e-commerce behemoth Alibaba announced its venture into the crypto space lately. As per a statement, the group will roll out 5,555 NTFs in collaboration with “the Moment3!”.
Alibaba’s foray into Crypto explained
- On 8 June, AliExpress briefed about the project on its official Twitter account. After a while, the post was removed, but its partner “the Moment3” still has it on their page.
- According to the Discord channel, The Moment3 is an NFT project that was introduced to bridge the gap between NFTs and real-world businesses. It aims to enable enterprises to with exclusive rights and distinguished benefits of this technology.
- For AliExpress, it’s not the first shot to embark on a crypto journey. On May 4, the Ecommerce platform joined hands with Shopping.io, a platform that lets digital asset holders buy things with their tokens.
- On May 31, AliExpress added the meme coin Floki as an accepted means of payment. Today, it accepts multiple cryptocurrencies making a wide number of products available to the crypto community.
- Owned by Alibaba Group, AliExpress is headquartered in China but it does not cater to the customers of China. However, it has extensive operations across the globe.
- In September 2021, the Chinese government implemented a blanket ban on all cryptocurrencies and their transactions. Additionally, it has issued multiple warnings on the usage of NFTs too.
AliExpress is slowly trying to establish itself as a crypto-friendly Ecommerce company. Its association with Shopping.ai and the plan to launch NFTs make its intentions very clear. With these endeavors, we can certainly the brand become a favorite among crypto users. However, the competition is getting intense and more brands are making such a move. So we will see the future lies AliExpress and its parent company Alibaba.