Alibaba Sets Up New NFT Auction Platform for Trading Copyrights

Sophia Cruz•Tuesday, August 17, 2021•1 min read

Alibaba Group Holding, a giant Chinese e-commerce company, has integrated a new non-fungible tokens (NFT) marketplace that enables trademark holders to sell copyrights of their digital work using NFTs. This unique online market platform, Blockchain Digital Copyright and Asset-trade, is now available in Alibaba’s Auction platform. The platform’s NFT is issued on the New Copyright Blockchain, a DLT platform supported by the Sichuan Blockchain Association Copyright Committee.

Blockchain Digital Copyright and Asset-Trade allows authors, singers, game creators and other creative artists to sell the rights to their work via blockchain. This service was made possible by NFT, through encrypted tokens to prove ownership, even though the technology itself allows unauthorized copying.

The marketplace is already running, and it contains many NFTs that will be auctioned next month. Digital items include a Star Wars illustration and a painting of the West Pearl Tower. Bidders must pay a deposit of 500 yuan (around $77) to participate at auctions. Subsequent auctions have a reserve price of $15 each.

Buyers can check their collections in the crypto portfolio app, Bit Universe, a partner of WeChat. While this is Alibaba’s most promising NFT announcement so far, many of its corporations have previously accepted non-fungible tokens, including Taobao, which launched NFTs for the first time during its annual Maker Festival, which celebrates Chinese art and business.

NFTs became a hot trend in digital trade and investment earlier this year, and continued to grow in the second quarter, with $2.5 billion in sales at the beginning of July, as per the DappRadar report. There is no doubt that this year is a big year for the NFT space.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.