This 12 months’s Taobao Maker Competition — 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 12 months’s occasion will see decentralized software platform Near Protocol group up with blockchain gaming agency Web3Games and Chinese language artist Huang Heshan to promote NFT-based actual property created by Huang.

Heshan’s digital “Bu Tu Backyard” will probably be accessible for buy through the occasion, with the backyard comprising greater than 1,000 digital buildings, together with ten “luxurious single-family villas,” 300 high-end models, 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 could be bought utilizing Chinese language renminbi through Taobao’s web site. The tokens should be claimed with a Close to pockets.

The Taobao Maker Competition was first held in 2016, with this 12 months’s occasion happening in Shanghai’s Nationwide Exhibition and Conference Heart from July 17 by means of July 25.

Talking to Blockcast, Heshan recounted his stunned with the convenience 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 lowered prices of minting NFTs on Close to when in comparison with Ethereum, stating: “The price of casting an NFT on Ethereum is lots of or hundreds 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 inventive works, crypto-powered digital actual property has seen important progress over roughly the previous 12 months, with a digital land plot inside blockchain recreation 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 12 months in Axie Infinity for a profit of more than 9,000%.