Alibaba launches NFT market for copyright trading

Alibaba launches NFT market for copyright trading
Alibaba has launched a new market where trademark owners can sell NFTs representing their copyright licenses.

Chinese multinational e-commerce company Alibaba Group Holding has launched a new non-exchangeable tokens (NFT) market that allows trademark owners to sell tokenized licenses for their intellectual property.

The new NFT market, called “Blockchain Digital Copyright and Asset-Trade”, is available through the Alibaba auction platform. The NFTs launched through the platform will be released on the “New Copyright Blockchain” – a distributed ledger technology platform operated centrally by the Sichuan Blockchain Association Copyright Committee.

According to Tuesday’s report from Alibaba’s South China Morning Post (SCMP) news publication, the market hopes to reach out to writers, musicians, artists and game developers.

The market is up and running, and it is handling several NFT deals that are expected to be up for auction next month. Bidders must pay a deposit of 500 yuan (approximately $ 77) to participate in the auctions. Each upcoming auction has a fixed reserve price of $15.

Shoppers can browse their collections using the Bit Universe crypto wallet app, which is integrated with WeChat.

While this is Alibaba’s biggest announcement so far, many of the company’s subsidiaries have already adopted nonconvertible tokens (NFT).

In July, Cointelegraph announced that Alibaba’s Taobao e-commerce platform presented NFT for the first time at the annual Maker Festival, which celebrates Chinese art and entrepreneurship. The event hosted NFT-based real estate sales created by Chinese artist Huang Heshan.

The same month, the SCMP launched an NFT project called “Artifact”, which included tokenized historical moments reported by a publication from its 118-year-old archive, such as the 1997 handover of Hong Kong from the UK to China.

19-08-2021, Mr Advice TEAM

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