Alibaba Group Holding is a Chinese multinational e-commerce firm. The firm recently launched a new nonfungible tokens (NFTs) marketplace. This marketplace allows all the trademark holders to sell their tokenized licenses to their intellectual property. Furthermore, this new NFT marketplace, “Blockchain Digital Copyright and Asset-Trade” is available through the Alibaba auction platform.
The NFTs which will be launched through this platform will be issued on the “New Copyright Blockchain”. Besides that, it is a distributed ledger technology platform managed by the Sichuan Blockchain Association Copyright Committee. According to a report from Alibaba’s news publication today, South China Morning Post (SCMP), the marketplace will be attracting writers, musicians, artists, and game developers.
This new NFT marketplace is active now and is currently holding all the NFTs that they will auction next month. In order to participate in the auction, all the bidders must pay a deposit of 500 yuan that is approximately 77 US dollars. The minimum price for each upcoming auction is $15 per auction. Buyers can view their collections through the Bit Universe crypto portfolio application built into WeChat.
Josh Ye On Alibaba’s NFT Marketplace
Josh Ye, the reporter from South China Morning Post commented on Blockchain Digital Copyright and Asset-Trade through a tweet saying, “Although the technology itself does not prevent unauthorized copying. Sales include complete ownership of works purchased through the platform”.
Many of the NFTs that are on display do not indicate which rights are granted to the buyer, and one of the NFTs even seems to represent unlicensed “Star Wars” fan art. Although this is Alibaba’s largest NFT announcement to date, many subsidiaries of the firm have accepted these non-fungible tokens. In July this year, Taobao, an Alibaba-owned e-commerce platform also displayed NFTs for the first time at its annual maker festival. They are dedicating this festival to Chinese art and entrepreneurship. The event became the NFT-based real estate sales platform of Chinese artist Huang Heshan. In July itself, the South China Morning Post launched an NFT project called “ARTIFACT”. This project also incorporated the tokenized historical moments reported in its 118-year archive release. This includes instances such as the handover of Hong Kong from the United Kingdom to China in 1997.
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