Alibaba dabbles into the NFT sector with copyright trading
- e-commerce giant Alibaba has entered the NFT space by enabling copyright trading using Blockchain.
- The auction of the NFT products will begin in September.
- The NFT buyers will have complete copyright of the NFT items.
Alibaba Group Holdings has rolled out a marketplace that will enable artists to sell the copyright of their non-fungible token (NFT) ART via Blockchain technology.
The new platform is called Blockchain Digital Copyright and Asset-Trade and is a new dedicated section that welcomes different NFTs.
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A recent report on the development noted that the marketplace is targeting game developers, artists, writers, and artists.
Activities are already buzzing on the marketplace as the auction for NFT products begins in September. According to the announcement, those who wish to participate in the auction are required to deposit a minimum of 500 yuan ($77). A reverse price of $15 has been set for each upcoming auction.
Buyers to have full ownership of NFT items
To make the auctioning process more transparent buyers or participants will be allowed to check their collections via Bit Universe, a crypto portfolio application that is integrated into WeChat.
The report also noted that those who purchase any works on the platform will have complete ownership rights of the item. However, the technology will not stop unauthorized copying.
Alibaba dabbles into the NFT space
Although this is the most notable NFT announcement by Alibaba, its subsidiaries have already started dealing with non-fungible tokens.
Earlier last month, another Alibaba subsidiary, Taobao, during its annual Maker Festival, presented NFTs for participants. The event showcased NFTs on real estate, presented by Chinese artist Huang Heshan.
Two weeks later, Alibaba-owned SCMP, rolled out another NFT-based project dubbed “Artifact.” The publication went to its 118-year-old archive to line up tokenized historical moments. This included the 1997 handover moment of Hong Kong to China from the United Kingdom.
But Alibaba’s interest in the NFT industry was spurred by the interest of its Ant Group, which entered the emerging sector earlier this year.
The Group has already sold roughly 8,000 limited editions of NFTs. Additionally, it introduced a new feature called Top Scorer NFT during the Euro 2020 soccer championship.