Alibaba Group Holding, a Chinese multinational e-commerce company, has developed an NFT marketplace where trademark owners can sell tokenized rights to their intellectual property.
Alibaba’s Auction platform can be used to access the new NFT marketplace, named “Blockchain Digital Copyright and Asset-Trade.” The “New Copyright Blockchain,” a distributed ledger technology platform centrally administered by the Sichuan Blockchain Association Copyright Committee, will issue NFTs through the platform.
According to a story published on Aug. 17 by the South China Morning Post (SCMP), an Alibaba-owned news outlet, the marketplace aims to attract writers, musicians, painters, and game creators.
The marketplace is currently operational, with several NFTs scheduled for auction next month. To participate in auctions, bidders must pay 500 yuan (about $77). The reserve price for each upcoming auction has been set at $15.
Bit Universe, a crypto portfolio application connected with WeChat, allows buyers to explore their collections.
SCMP writer Josh Ye tweeted about the new marketplace, saying, “but the system itself does not prevent illicit copying. Complete ownership of works purchased through the site is included in sales.”
Many of the NFTs on show don’t specify what rights buyers get, and one of them even appears to depict unlicensed Star Wars fan art.
While this is Alibaba’s biggest nonfungible token announcement to date, many of its subsidiaries have already adopted them.
In July, Alibaba-owned e-commerce platform Taobao, which celebrates Chinese art and entrepreneurship, featured NFTs at its annual Maker Festival for the first time. The event featured the auction of NFT-based real estate designed by Huang Heshan, a Chinese artist.
SCMP released an NFT project called ‘ARTIFACT’ in the same month, which contained tokenized historical moments covered by the publication from its 118-year-old archive, such as the 1997 transfer of Hong Kong from the United Kingdom to China.