Alibaba Launches NFT Marketplace for Copyright Trading

Chinese tech giant Alibaba Group Holding has launched an NFT marketplace for the sale of tokenized intellectual property licenses by trademark owners.

The new non-fungible token (NFT) marketplace Blockchain Digital Copyright and Asset-Trade can be accessed through the Alibaba auction platform. The NFTs will be created on the New Copyright Blockchain distributed ledger platform, centrally managed by the Copyright Committee of the Sichuan Blockchain Association.

According to Alibaba’s South China Morning Post (SCMP), the NFT market should attract writers, musicians, artists and game developers. The marketplace is already up and running – it hosts several NFTs that will be up for auction next month.

A deposit of 500 RMB (approximately $ 77) is required to participate in the auctions. For each upcoming auction, the lowest starting price for NFT is $ 15. Buyers can view their NFT collections through the Bit Universe app, which is integrated into WeChat.

SCMP reporter Josh Ye wrote on Twitter that “while the technology itself does not prevent unauthorized copying, NFT’s sales include full ownership of works acquired through the platform.” However, the descriptions of many of the NFTs for sale do not say what rights are granted to buyers, and one NFT even depicts unlicensed Star Wars fan art.

As a reminder, Alibaba’s recently owned mobile payment service Alipay has added a new requirement for NFT holders. Users must keep non-fungible tokens in their wallet for at least 180 days before transferring them. This step was taken to limit NFT speculation within the application.


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