Alibaba Group Holding, a Chinese multinational e-commerce company, has developed a nonfungible tokens marketplace that allows trademark owners to sell tokenized licenses to their intellectual property. The New Copyright Blockchain, a distributed ledger technology platform centrally managed by the Sichuan Blockchain Association Copyright Committee, will be used to distribute NFTs.
According to a report published on Aug. 17 by the South China Morning Post, an Alibaba-owned news outlet, the marketplace aims to attract authors, singers, painters, and game creators. Although the technology does not prohibit unauthorized copying, NFTs enable this through the use of unique, encrypted tokens that allow a person to verify ownership. Complete ownership of works acquired through the site is included in sales.
Several goods have already been posted on the marketplace, and auctions will begin next month. A Star Wars image and a painting of Chengdu’s West Pearl Tower, a symbol in Sichuan, are among the digital products on offer. Each auction begins at 100 yuan, with a 500 yuan deposit required to bid.
The crypto portfolio software Bit Universe, which is connected through WeChat, allows buyers to examine their collections.
In July, Ant Group, Alibaba’s financial technology services unit, unveiled another NFT product: a Top Scorer Award for the Europe 2020 football tournament. The award, which is backed by a digital currency and immortalizes the winner’s score sheet on the AntChain ledger, was created in collaboration with Ant and the Union of European Football Associations.
To honour ancient art, the fintech startup released 8,000 limited-edition NFTs based on two pieces of artwork from the Dunhuang Caves. The so-called “NFT payment code skins” sold out instantly on Alipay’s AntChain Fan Grain microprogram.
According to data gathered by DappRadar, which analyses sales across different blockchains, NFTs became a popular new type of digital trade and investment early this year and proceeded to rise to new highs in the second quarter, with US$2.5 billion in sales by the beginning of July.
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