NFT News-Alibaba Announces Entry Into Web3

Alibaba, the Chinese tech giant, has introduced Cloudverse, a platform that enables brands to develop metaverse experiences using the Avalanche blockchain. Leveraging Alibaba's Cloud division for computing and storage, Cloudverse aims to provide a comprehensive solution for brands seeking to enter the Web3 space and enhance their customer experiences.

With over 1 billion annual active consumers across Alibaba Group's consumer-facing businesses in China, Cloudverse presents a significant opportunity to onboard numerous users and brands into the Web3 ecosystem.

In a related development, Sports Illustrated (SI) magazine is launching SI Tickets, an NFT ticketing platform built on the Polygon blockchain. SI Tickets will empower event owners, organizers, and promoters to leverage the "Box Office" feature to create enhanced fan engagement opportunities. The rising trend of using NFTs as event tickets suggest a potential mass-market adoption of Web3 technology.

Sotheby's, the renowned art auction house, continues to embrace Web3 by introducing a peer-to-peer secondary marketplace for digital art. Building on its Sotheby's Metaverse platform, this curated marketplace will operate fully on-chain, facilitating direct transactions between collectors. Moreover, the platform will incorporate smart contracts to ensure artist royalties are honored, reflecting Sotheby's commitment to supporting artists in the NFT community.

These developments underscore the growing momentum and potential of Web3 technology, particularly in sectors such as brand experiences, event ticketing, and digital art sales.