17 Aug 2021 Samantha McLauren
Alibaba Pushed Out Copyright Trading NFT Marketplace
One of the biggest e-commerce giants, Alibaba Group Holding, announced the launch of a new online market for digital assets traded over a digital ledger.
The “Blockchain Digital Copyright and Asset-Trade” platform, backed by the Sichuan provincial government, can be accessed via Alibaba’s Auction website. The use of NFT allows writers, musicians, game developers, and other artists to sell the rights to their content via blockchain technology.
The idea behind using NFT for copyright trading, provides a fast way for a person to prove ownership, although the technology itself does not prevent unauthorized copying.
As of press time, the marketplace is live, with several NFTs already on the platform, set to be auctioned next month. The platform requires a deposit of 500 yuan (roughly $77) to participate in auctions. The NFTs on Alibaba’s platform include a Star Wars illustration and a painting of the West Pearl Tower, a landmark in Chengdu, the capital of Sichuan.
Buyers can view their purchased items on Tencent Holdings’ WeChat by visiting the public account for BitUniverse, a Shanghai-based firm backed by the Tree Graph Blockchain Research Institute.
Meanwhile, Alibaba’s financial technology services affiliate, Ant Group, already started trials in NFTs in 2021.
In June, the fintech giant managed to sell 8,000 limited-edition NFTs based on two pieces of artwork to commemorate ancient art from the Dunhuang Caves. The “NFT payment code skins” sold out in an instant on the “AntChain Fan Grain” mini program in the Alipay app.
In July, Ant introduced another NFT product - a Top Scorer Award for the Europe 2020 football championship. This time Ant made a partnership with the Union of European Football Associations (UEFA) to commission the award.
Furthermore, Alibaba-owned e-commerce platform Taobao showcased NFTs for the first time at its annual Maker Festival, which celebrates Chinese art and entrepreneurship.
SCMP reporter Josh Ye commented that “although the technology itself does not prevent unauthorized copying. Sales include complete ownership of works purchased through the platform.”Ecommerce Platform digital asset Blockchain technology Alibaba NFT non-fungible token