Monday, May 20, 2024
HomeNFTsAliExpress Partners with Moment3 for NFT Sales, Expanding into Web3

AliExpress Partners with Moment3 for NFT Sales, Expanding into Web3

AliExpress Partners with Moment3 for NFT Sales, Expanding into the Web3 Space. Explore Their Collaboration in the Growing NFT Market.

AliExpress Accelerates Web3 Plans

AliExpress, the global e-commerce platform and a subsidiary of Alibaba Group, has announced a partnership with Moment3 for the sale of 5,555 NFTs. This strategic collaboration marks AliExpress’ expansion into the Web3 space and demonstrates its continued interest in crypto-related ventures.

AliExpress’s collaboration with Moment3 is another significant step in the company’s Web3 journey. The Moment3 is an NFT project that connects real-world businesses with the Web3 ecosystem. Through this partnership, AliExpress users will have the opportunity to explore and purchase Moment3 themes on the platform.

Furthermore, AliExpress recently forged a partnership with Shopping.io, an online platform that enables users to shop and pay with cryptocurrencies on popular e-commerce stores like eBay and Walmart. This collaboration has allowed AliExpress to accept various cryptocurrencies as payment options, thereby expanding its reach in the crypto community. Additionally, on May 31, AliExpress added the meme coin FLOKI to its list of supported digital assets.

Legal Standing of NFT Trading in China

While Alibaba Group is headquartered in China, AliExpress does not serve customers in mainland China. This distinction allows AliExpress to accept crypto payments despite the Chinese government’s ban on cryptocurrency transactions.

In September 2021, China imposed a ban on all crypto transactions and has since issued multiple warnings about the risks associated with NFT speculation. The Supreme People’s Procuratorate of China, the country’s top prosecuting body, has raised concerns about the lack of standards and clear regulations in the Chinese NFT market. They have emphasized the need for a legal framework to address financial, management, network security, and legal risks associated with NFTs.

Conclusion

AliExpress’s partnership with Moment3 for NFT sales highlights the company’s commitment to expanding into the Web3 space. As a global e-commerce platform, AliExpress is taking strategic steps to integrate NFTs into its offerings and cater to the growing demand for digital collectibles.

Despite the ban on cryptocurrency transactions in mainland China, AliExpress’s international focus enables it to accept crypto payments and explore crypto-related ventures. As the NFT market continues to evolve, regulatory clarity and standards will be crucial to ensure a secure and transparent environment for market participants.

AliExpress’s entry into the NFT space signifies the ongoing convergence of traditional e-commerce and the decentralized digital economy.

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