Alibaba Group, a Chinese tech giant, has opened a market for nonfungible tokens (NFTs). According to reports, the Alibaba NFT marketplace allows customers to buy and trade NFTs. However, the market also allows people license and sell intellectual properties (IP) since it is protected by the copyright blockchain technology.
Alibaba’s NFT Marketplace offers a Blockchain Copyright Service
Alibaba is a large Chinese company, specializing in internet technology, services, and ecommerce solutions. The company, which was founded in 1999, quickly rose to become one of the biggest in the world with $ 257 billion in assets. Alibaba has already made $ 21.8 Billion in revenue by 2021. The company has been involved in blockchain and cryptocurrency solutions for years.
According to a report, the billion-dollar company launched its NFT marketplace this Week. ReportPublished by South China Morning Post (SCMP) on August 17. It is important to note that SCMP is also owned by the Hangzhou-based tech giant. According to the report, the NFTs issued are on the “New Copyright Blockchain”, which is managed by the Sichuan Blockchain Association’s copyright committee.
One of the Alibaba NFT Marketplace services is called “Blockchain Digital Copyright and Asset Trade”, and it allows any content creator to protect the material through the blockchain and also sell the rights (tokens). According to the Alibaba NFT Marketplace introduction page, copyright is tokenized and only the token owner actually owns the content. Josh Ye, SCMP reporter, explains that the Alibaba NFT platform already has many products listed. However, they won’t see an online auction until next month.
South China Morning Post, Tencent and Ant Group launch NFTs
Josh Ye also noted that one item is a Star Wars Illustration and a painted representation of Sichuan’s West Pearl Tower. The SCMP author notes that each auction starts at 100 Yuan (US$ 15), and that auctions require a 500 yuan deposit. The reporter also mentions that SCMP will issue token-like assets that are not fungible like those issued by US magazine companies, such as USA Today, Fortune, TIME, USA Today, and USA Today.
Ant Group, the company’s fintech subsidiary, has entered the NFT industry. Alibaba’s market NFT can also be linked to Tencent Holdings. Alibaba will be challenged by other markets, such as Opensea, Rarible and Makersplace, which have raised millions of USD this year. The company also has the Crypto.comAlibaba will also be a competitor in the FTX-branded NFT market.
What do you think about Alibaba’s entry in NFTs and the launch of the Alibaba NFT Marketplace? Please comment below to let us know your thoughts on this topic.
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