The difference between cryptocurrencies and NFTs

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This Wednesday, June 23, the Chinese group Ant was keen to make the distinction between NFTs (non-fungible token) and the various cryptocurrencies, which have been under threat for some time in Beijing.

 

The Chinese group Ant, a former subsidiary of Alibaba Group in charge of the Alipay service, has sought to better inform its customers about the difference between NFTs (literally non-fungible tokens; these certificates of ownership of digital objects that have been animating the web for several months) and the various cryptocurrencies.

 

The fintech group Ant is headed by Jack Ma, the most influential businessman in the Middle Kingdom. Recently, it has also been marketing images covered by NFTs via Alipay, and these sales met with great success on Wednesday, although some customers have been suspicious of this novelty and confuse it – wrongly – with the cryptocurrencies that Beijing is trying to eradicate in the country.

 

Alipay sells NFT products. Isn’t this an illegal transaction?” one user asked on Weibo, a popular social network in China. Faced with the confusion of some of their customers, it is crucial for Ant that NFTs, available on the group’s platforms and authorized by the Chinese government, are not confused with cryptocurrencies, targeted by a crackdown from Beijing.

 

NFTs are not interchangeable, nor divisible, which makes them inherently different from crypto-currencies like bitcoin,” said one of the spokesmen for the AntChain unit, which specializes in developing blockchain-based technology solutions. He added that NFTs can be used to create a single signature for digital assets.

 

Are NFTs virtual currencies? Or, are NFTs certificates for virtual currencies? And most importantly, are NFTs securities? These are questions that no legislator in a major digital economy has ever answered,” points out Winston Ma, assistant professor at NYU Law School,

 

Certified NFTs digital artworks are also being auctioned on Alibaba‘s platform, accessible via Alipay, run by Ant Group. According to the brand, blockchain-based technologies defining ownership of digital assets will be provided with the purchase of an NFT work.

 

Regarding cryptocurrencies, the Chinese government is continuing its offensive and is now losing out on the country’s mining farms, which account for two-thirds of bitcoin mining worldwide.

 

Read also > CAC 40 DECLINES, IMPACTED BY FRENCH LUXURY GROUPS

 

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This Wednesday, June 23, the Chinese group Ant was keen to make the distinction between NFTs (non-fungible token) and the various cryptocurrencies, which have been under threat for some time in Beijing.

 

The Chinese group Ant, a former subsidiary of Alibaba Group in charge of the Alipay service, has sought to better inform its customers about the difference between NFTs (literally non-fungible tokens; these certificates of ownership of digital objects that have been animating the web for several months) and the various cryptocurrencies.

 

The fintech group Ant is headed by Jack Ma, the most influential businessman in the Middle Kingdom. Recently, it has also been marketing images covered by NFTs via Alipay, and these sales met with great success on Wednesday, although some customers have been suspicious of this novelty and confuse it – wrongly – with the cryptocurrencies that Beijing is trying to eradicate in the country.

 

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This Wednesday, June 23, the Chinese group Ant was keen to make the distinction between NFTs (non-fungible token) and the various cryptocurrencies, which have been under threat for some time in Beijing.

 

The Chinese group Ant, a former subsidiary of Alibaba Group in charge of the Alipay service, has sought to better inform its customers about the difference between NFTs (literally non-fungible tokens; these certificates of ownership of digital objects that have been animating the web for several months) and the various cryptocurrencies.

 

The fintech group Ant is headed by Jack Ma, the most influential businessman in the Middle Kingdom. Recently, it has also been marketing images covered by NFTs via Alipay, and these sales met with great success on Wednesday, although some customers have been suspicious of this novelty and confuse it – wrongly – with the cryptocurrencies that Beijing is trying to eradicate in the country.

 

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Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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