Riding the wave of the NFT trend, Alibaba has launched a special NFT offering for China’s Double 11 shopping festival on November 11. The Double 11 Festival is China’s biggest shopping event, similar to Black Friday. To celebrate in style, Alibaba’s Tmall is hosting luxury brands on its shopping platform through the Double 11 Aloha Art Show, which was launched in its mobile app last month.
Brands like Burberry, Longines, Alienware and Coach are selling NFTs at the event, which is a virtual space where people can interact and explore these brands’ NFT artworks. Each limited edition digital product also comes with a physical item.
Many of the NFTs have already sold out, such as Burberry’s NFT collection consisting of 1,000 special edition scarves, each with an interactive fawn NFT, for $453. Other NFTs up for sale include 45 limited edition NFTs and a $2,700 watch from Longines, and 100 Alienware logo NFTs for laptop purchasers.
Alibaba’s offer of NFTs has received some criticism from Chinese citizens, as well as positive comments. Many say they find this new technological medium appealing and that the metaverse has the potential to create a world where people can live in peace while consuming fewer resources.
Last year, Double 11 Day broke all records with $115 billion in sales, compared to Amazon’s $4.8 billion in sales on Black Friday. Perhaps NFTs will help surpass last year’s sales record.