• Alibaba launches NFT marketplace for copyright deals

  • Chinese multinational e-commerce company, Alibaba Group Holding, has launched a new marketplace for non-forgeable tokens (NFTs) that allows trademark holders to sell tokenized licenses of their intellectual property.

    This new NFT marketplace is called “Blockchain Digital Copyright and Asset Trading” and can be accessed through Alibaba’s auction platform. NFTs launched through this platform will be issued on the “New Copyright Blockchain,” a distributed ledger technology platform operated centrally by the Sichuan Blockchain Association’s Copyright Committee.

    The marketplace hopes to target writers, musicians, artists and game developers.

    The marketplace is already live, hosting several National Trust funds that will be auctioned off next month. Bidders must make a deposit of $500 (about $77) to participate in the auctions. A reserve price of $15 has been set for each upcoming auction.

    Buyers can view their collections via Bit Universe, a cryptocurrency portfolio app integrated into WeChat.

    Many of the NFTs on display do not spell out what rights are available to purchasers, and one even appears to depict unauthorized Star Wars fan art.

    While this is Alibaba’s largest NFT announcement to date, many of the company’s subsidiaries are already embracing uncounterfeitable tokens.

    In July, Alibaba’s e-commerce platform Taobao debuted NFTs at its annual Creators Festival, which celebrates art and entrepreneurship in China.The event hosted the sale of NFT-based real estate created by Chinese artist Huang Heshan.

    In the same month, Alibaba-owned South China Morning Post launched an NFT project called ARTIFACT, which included symbolic historical moments reported by the publication from its 118-year archives, such as the 1997 handover of Hong Kong from Britain to China.

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