Alibaba launches NFT market for copyright trading

The Chinese multinational e-commerce company Alibaba Group Holding has launched new NFT market, which allows trademark holders to sell tokenized licenses in their intellectual property.

On the new marketplace nicknamed “Blockchain Digital Copyright and Asset-Trade“You can get through the Alibaba auction platform. Tokens launched through the platform will be released on a “new author’s blockchain”. It is a distributed ledger platform centrally managed by the Sichuan Blockchain Association Copyright Committee.

What will the NFT market focus on?

According to news August 17, the market hopes to focus on writers, musicians, game artists and developers. The market is already active and hosts several tokens to be auctioned next month. To participate in the auction, bidders must submit deposit of 500 yuan (roughly $ 77). Each upcoming auction set the starting price at $ 15 apiece.

Buyers can view their collections through the Bit Universe crypto portfolio application, which is integrated into WeChat. The sale includes full ownership of the works purchased through the platform. Many exposed NFTs do not state what rights buyers have, and one token even displays the unlicensed Star Wars fan art.

It’s about so far Alibaba’s largest NFT announcement. Many of the company’s subsidiaries already accept these tokens.

E-commerce platform Taobao, owned by Alibaba, presented the NFT for the first time at its annual Maker Festival celebrating Chinese art and business. A sale took place at this event real estate based on the NFT, created by Chinese artist Huang Heshan.