Alibaba prepares to launch NFT trading platform

Alibaba Group is making some leadership changes to help manage its NFT market. In a nutshell, the current CEO of Alibaba’s large media property, The South China Morning Post (SCMP), will move to work in the NFT market. As a result, Alibaba will find a new CEO for SCMP.

Current SCMP CEO to move to Alibaba’s NFT marketplace

Gary Liu, current CEO of SCMP, will further focus on Alibaba’s NFT market. Of course, Alibaba has been making moves in the NFT space for some time now.

However, the fact that the company is reorganizing in this way is a strong indication that it is taking its NFT plans seriously. According to reports, Alibaba launched the NFT platform at the end of 2021. However, there hasn’t been too much news about this platform since then.

For those who don’t know, Alibaba Group is a huge Chinese tech conglomerate. It is often referred to as the “Chinese Amazon”. Alibaba bought SCMP in 2015. It has since become Alibaba’s most important media asset. However, this was not without some controversy. Since SCMP is based in Hong Kong, Alibaba has faced pressure from the Chinese government to sell it to government-controlled companies.

Importantly, Liu will continue to run the South China Morning Post while the paper looks for a new leader. Given this, it can be assumed that the Alibaba NFT market will not bring any important news in the short term.

All things considered, it’s still very early for NFT, and not just for Alibaba, but for all Chinese companies moving in this direction. After all, China’s stance on cryptocurrencies is generally hostile, to say the least. Although the country has been somewhat open to NFTs and other aspects of Web3.

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