Alibaba Unveils NFT Marketplace for Copyright Trading August 17, 2021 August 17, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 17, 2021 by Kelly Cromley

Alibaba Unveils NFT Marketplace for Copyright Trading

A novel nonfungible token (NFT) marketplace enabling trademark proprietors to offer tokenized rights to their intellectual content has been established by Chinese multinational e-commerce company Alibaba Group Holding. The latest NFT platform, called “Blockchain Digital Copyright and Asset-Trade,” is accessible through Alibaba’s Auction portal.

The network’s NFTs will be distributed on the “New Copyright Blockchain,” a distributed ledger technology based platform managed directly by the Sichuan Blockchain Association Copyright Committee. The platform aims to attract authors, singers, painters, and game creators, as per a Tuesday article from Alibaba-controlled media source South China Morning Post (SCMP).

The platform is now operational, housing numerous NFTs that will be sold off in July. To partake in auctions, bidders must make a prepayment of 500 yuan (about $77). Each of the following auctions has a minimum bid of $15. Buyers may examine their collections using the WeChat-integrated cryptocurrency portfolio app Bit Universe.

SCMP reporter Josh Ye tweeted about the latest marketplace, saying that “while the technology alone does not stop illegal copying. Sales encompass full ownership of artworks bought via the marketplace.”

Many of the NFTs on exhibit do not specify what privileges are granted to buyers, and one NFT seems to feature unauthorized Star Wars fan art.

Although this is the largest NFT statement made by Alibaba to date, several of the company’s affiliates have previously adopted nonfungible tokens.

Back in July, Alibaba-owned e-commerce site Taobao included NFTs for the foremost time during its yearly Maker Festival, which honors Chinese art and business.

The auction of NFT-based real estate developed by Chinese artist Huang Heshan took place during the event. During the same period, SCMP unveiled the “Artifact” NFT venture, which featured tokenized historical events recorded by the newspaper from its 118-year-old collection, for instance, the transfer of Hong Kong from the hands of the United Kingdom to China in 1997.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.