AliExpress partners with The Moment3 for NFT sales, investing in the Web3 space. Explore their partnership in the expanding NFT market.
The global e-commerce platform, AliExpress, is a subsidiary of Alibaba Group. It has announced a partnership with The Moment3 for the sale of 5,555 nonfungible tokens. This Strategic partnership marks AliExpress’ growth into the Web3 space and shows its continued interest in crypto-related investments.
AliExpress Speeds Up Web3 Plans
In June 2022, Alibaba Cloud unveiled a service that mainly facilitates the development of NFT marketplaces. The solution primarily addresses compliance issues and offered a consistent and reliable option for creating nonfungible token marketplaces.
AliExpress’s partnership with The Moment3 is another notable step in the firm’s Web3 journey. The Moment3 is an NFT project that links real-world businesses with The Web3 ecosystem. Through this collaboration, AliExpress users will get the chance to shop for Moment themes on the platform.
We're thrilled to announce that The Moment3! is joining forces with AliExpress for Shopping Moment theme! AliExpress, an international marketplace under Alibaba International Digital Commerce Group. This collaboration marks the most monumental step for The Moment3! @AliExpress_EN pic.twitter.com/z8NkO1DTRp
— The Moment3! (@The_Moment3) June 8, 2023
Moreover, AliExpress recently confirmed its partnership with Shopping.io, an online platform that lets users shop and pay with cryptos on popular e-commerce stores like Walmart and eBay. This collaboration enabled AliExpress to accept different crypto payment options, increasing its hold in the Crypto space. Moreover, AliExpress added the meme coin FLOKI to its list of supported digital assets on May 31.
Legal Stance Of NFTs Trading In China
While Alibaba Group is based in China, AliExpress does not serve clients in mainland China. This separation lets AliExpress accept crypto payments despite the Chinese authorities’ ban on crypto transactions.
China imposed a ban on all cryptocurrency transactions in September 2021 and has already issued many warnings about the risks that come with NFT speculation. The Supreme People’s Procuratorate of China, the nation’s top prosecuting agency, has raised fears about a lack of standards and clear regulations in the Chinese NFT market.
They insisted on the need for a legal infrastructure to address management, financial, network security, and legal risks linked with NFTs.
The Takeaway
AliExpress’s collaboration with The Moment3 for NFT sales shows that the firm’s commitment to expanding its reach in the Web3 space has increased. Being a global e-commerce platform, AliExpress is taking various strategic steps to enable it to incorporate NFTs into its offerings and cater to the increasing demand for digital collectibles.
Despite the ban on crypto transactions issued in mainland China, AliExpress’s international focus lets it accept crypto payments and explore various crypto-related ventures. As the NFT market continues evolving, regulatory clarity and standards will be critical to guarantee a secure and transparent atmosphere for market participants.
AliExpress’s entry into the NFT world denotes the continuing convergence of traditional e-commerce and the decentralized digital economy.
