Alibaba has launched a new marketplace permitting trademark holders to promote NFT representing licenses to their copyright.
Chinese multinational e-commerce firm, Alibaba Group Holding, has launched a new nonfungible tokens (NFTs) marketplace permitting trademark holders to promote tokenized licenses to their mental property.
The brand new NFT marketplace, dubbed “Blockchain Digital Copyright and Asset-Trade,” could be accessed by way of Alibaba’s Auction platform. NFTs launched by way of the platform can be issued on the “New Copyright Blockchain” — a distributed ledger technology platform centrally operated by the Sichuan Blockchain Affiliation Copyright Committee.
In line with an Aug. 17 report from the Alibaba-owned information publication, South China Morning Post (SCMP), {the marketplace} hopes to focus on writers, musicians, artists, and recreation builders.
The marketplace is already live, internet hosting a number of NFTs which can be set to be auctioned subsequent month. Bidders should publish a deposit of 500 yuan roughly $77 to take part in auctions. Every upcoming public sale has set a reserve price of $15 each.
Buyers can view their collections via the crypto portfolio application, Bit Universe, which is integrated into WeChat.
Commenting on the new marketplace, SCMP reporter Josh Ye tweeted that “though the technology itself doesn’t stop unauthorized copying. Sales include complete ownership of works bought by the platform.”
Many NFTs on the show don’t articulate what rights are afforded to purchasers, with one NFT even showing to depict unlicensed Star Wars fan artwork.
Whereas that is Alibaba’s largest NFT announcement so far, lots of the agency’s subsidiaries have are already embracing nonfungible tokens.
In July, reported that Alibaba-owned e-commerce platform Taobao showcased NFTs for the first time in its annual Maker Competition celebrating Chinese artwork and entrepreneurship. The occasion hosted the sale of NFT-based actual property created by Chinese artist, Huang Heshan.
In the same month, SCMP launched an NFT project named ‘ARTIFACT’ which included tokenized historic moments reported by the publication from its 118- year-old archive, such because the handover of Hong Kong from the U.K. to China in 1997.
