Alibaba Group Holding Ltd (NYSE: BABA) Recently Removed Its Nonfungible Token a Mere Day After It Was Announced

Alibaba Group Holding Ltd (NYSE: BABA) recently released the NFT fixing by introducing services such as web participation and hosting, and virtual marketing, among others. However, the solutions were removed from the company’s website but are still present on Google search history. The company released a  nonfungible token solution and then, without notice, removed all identification on its website or official channels.

Alibaba announced the solutions through its Twitter account on a Wednesday morning, announcing the launch of the NFT but quickly took down the post following its reception. There has been no additional information shared on the NFTs or any adequate information on its cancellation. However, the Google search engine still presents the webpage link even though the results only redirect a consumer to the company’s Cloud webpage.

Speculations on why Alibaba deleted the NFT solutions

The company has not released any reasons why the announcement was pulled down from its official communication avenues; however, the prohibition of the trading of the digital currency in China presents an uncertainty with the trading of NFTs in the nation. Previous publications revealed that various country officials don’t recommend the trading of NFTs but haven’t created legislation creating a ban on it.

Alibaba’s NFT solution was set to provide its consumers with auto-scaling for digital products while creating the potential for economic growth. The solution created an avenue where purchasers and vendors communicate through a worldwide delivery platform that backs up an estimated 100,000 instructions each second.

Several domestic media publications, including the South China Morning Post, stated that the solutions were for a focus group only, saying that the NFT solution was only designed for consumers outside the country. The media publication, also under Alibaba’s portfolio, reiterated that the information was obtained from a trusted source.

History of the trading of digital assets in China 

At the beginning of the year, various regulatory bodies in the country, including the China Banking Association, the Securities Association of China, and other organisations, released a joint statement cautioning its citizens from purchasing or investing in any digital currencies due to unpredicted risks. The authoritative bodies further recommended that institutions should not similarly employ NFTs as other financial products, including precious metals, among others.

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Published by Neha Gupta

Swati has worked in diverse capacities from financial research to currency trading in a span of 3 years.