News17 August 2021

Chinese E-Commerce Giant Alibaba Embraces Copyright Trading By Launching an NFT Marketplace

Alibaba is now Dabbling in NFTs

Summary

  • Trademark holders can now sell NFT licenses on Alibaba
  • Traders can launch NFTs on the platform under the “New Copyright Blockchain.”
  • Several NFTs are set to be sold next month in an auction
  • Alibaba subsidiaries have also been trading NFTs

Alibaba has officially launched a new marketplace that allows NFT enthusiasts to buy and sell NFT copyright licenses. The new non-fungible tokens (NFTs) marketplace enables trademark holders to sell their token licenses to digital intellectual property.

Referred to as “Blockchain Digital Copyright and Asset-Trade,” NFT holders can access the platform through the auction platform on Alibaba. Creators can also launch NFTs on the platform that will be issued on the new Copyright blockchain, a distributed ledger platform under the Sichuan Blockchain Association Copyright Committee.

Based on a report by Alibaba news publication, Alibaba is hoping to target artists, musicians, writers, and game developers with this new platform. By August 17, 2021, the market was already live, with several NFTs already hosted for auction in a month. To place a bid, interested buyers are required to deposit $77 to secure a spot in the auction, with each auction setting the reserve price at $15.

The Alibaba NFT marketplace collaborated with Bit Universe, a crypto portfolio app on WeChat, where interested buyers can access their collections.

While this is the biggest NFT announcement from Alibaba, most of its subsidiaries have already embraced NFTs. In July, Alibaba’s Taobao, an e-commerce platform, showcased their first NFTs during the annual Maker Festival, hosting the sale of NFT-based real estate by artist Huang Heshan.

Still, in July, the ARTIFACT NFT campaign by SCMP was launched. It showcased tokenized history from 118-year-old publication reports, including the U.K. Hong Kong handover in 1997.

NFT enthusiasts are eager to see what changes this new Alibaba NFT market will bring.

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