E-commerce Giant Alibaba Introduces New NFT Marketplace With Copyright Policies

E-commerce Giant Alibaba Introduces New NFT Marketplace With Copyright Policies

As the interest in the NFT sector increases, many top shots seem to explore the opportunities it provides. For example, the latest news reveals a new marketplace by Alibaba where trademark holders can sell the NFTs that represent their copyright licenses.

Alibaba Group, the famous multinational eCommerce firm, launched a new NFT (non-fungible token) marketplace. This marketplace allows the holders to sell off the tokenized licenses to their inventions.

The Non-fungible token marketplace is labeled “Blockchain Digital Copyright & Asset-Trade” Interested parties can access it through the Auction platform of Alibaba.

Any NFTs launched through the Alibaba platform will be issued in “New Copyright Blockchain”- a platform in which SBACC (Sichuan Blockchain Association Copyright Committee) is operating.

As stated in a report by SCMP (South China Morning Post) report. In an Alibaba news publication, the newly launched marketplace targets are; game developers, artists, musicians, and writers.

New NFT Marketplace Kicks Off With A Bang

Although this marketplace just emerged, it has become active. It is already hosting many NFTs, and they are all ready for auction this coming month.

If you want to place your bid for participation in the auctions, you will have to deposit 500 yuan, equivalent to $77. In addition, there is a fixed reserve rate of $15 for every upcoming auction.

Integrated into the platform’s WeChat is “Bit Universe,” a crypto portfolio App where prospective buyers can follow their collections.

Josh Ye, a Chinese reporter, comments on Twitter about the newly launched marketplace. He states, “even though technology on its own cannot stop unauthorized copying,” what is on sale is full ownership of inventions bought via the platform.

On Alibaba Auction, NFT illustrations of Star Wars and Wasteland 2 are now available. Auction starts next month. (Though we are not sure if these are properly licensed in the first place.) Then you also have a Nezha portrait and a GTA style poster with scantily clad women. pic.twitter.com/wGYYdST8rc— Josh Ye 葉嘉栩 (@TheRealJoshYe) August 17, 2021

Most of the displayed NFTs do not specify the exact rights that buyers get with each NFT. Even those that seem to represent the Star Wars unlicensed fan art.

Whereas this announcement is the biggest from Alibaba up to date. The majority of its subsidiaries have already adopted non-fungible tokens.

In July, there was a report revealing that Taobao, an e-commerce platform of Alibaba, first displayed NFTs during its yearly Maker Festival.

The Festival is usually when the firm celebrates its Chinese entrepreneurship and art. However, during this particular event, the company hosted artist Huang Heshan’s non-fungible token-based real estate.

There was also another NFT project launch in July by SCMP captioned “Artifact.” This project includes; tokenized historical occurrences disclosed from its old records of 118 years. One of such records was how Hong Kong was extradited in 1997 from the United Kingdom.