Alibaba launches NFT marketplace for copyright trading
Alibaba Group , The Chinese multinational e-commerce company Holding, has launched a new nonfungible token (NFT) marketplace enabling trademark holders to sell tokenized NFT based licenses to their intellectual property.
New marketplace launched by Alibaba group has enabled trademark holders to sell NFTs which represent licenses of their copyright holders.
The new NFT marketplace, dubbed “Blockchain Digital Copyright and Asset-Trade,” can be accessed via Alibaba’s Auction platform. NFTs launched via the platform will be issued on the “New Copyright Blockchain” — a distributed ledger technology platform centrally operated by the Sichuan Blockchain Association Copyright Committee.
As per the Tuesday report from Alibaba-owned news publication South China Morning Post (SCMP), the marketplace hopes to target writers, musicians, artists and game developers.
The marketplace is already live, hosting several NFTs that are set to be auctioned next month. Bidders must post a deposit of 500 yuan (roughly $77) to participate in auctions. Each upcoming auction has set a reserve price of $15 each.
Buyers can view their collections via crypto portfolio application Bit Universe, which is integrated into WeChat.
Commenting on the new marketplace, SCMP reporter Josh Ye tweeted that “although the technology itself does not prevent unauthorised copying. Sales include complete ownership of works purchased through the platform.”
Many NFTs on display do not articulate what rights are afforded to purchasers, with one NFT even appearing to depict unlicensed Star Wars fan art.
While this is Alibaba’s biggest NFT announcement to date, many of the firm’s subsidiaries have already embraced non fungible tokens.