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Chinese multinational e-commerce giant, Alibaba Group Holding, has just opened a new nonfungible tokens (NFTs) marketplace which allows holders to sell tokenized licenses to their intellectual property.
“Blockchain Digital Copyright and Asset-Trade” is what Alibaba’s new NFT auction site is called. It is accessible via Alibaba’s Auction platform.
As reported on August 17 in the Alibaba-owned news magazine, South China Morning Post (SCMP), the group is targeting the likes of writers, musicians, artists, and game developers with the new marketplace.
NFTs will be issued on the “New Copyright Blockchain”, a distributed ledger technology platform centrally operated by the Sichuan Blockchain Association Copyright Committee.
The marketplace is already open and is home to several NFTs that are waiting to be auctioned off in the coming month. To participate in auctions, bidders will have to submit a deposit of 500 yuan ($75US)
Once the sale is made, the buyers will then be able to view their newest addition and collections via a crypto portfolio application integrated into WeChat, called Bit Universe.
Josh Ye, SCMP reporter and writer of the article, who broke the news, further explained on twitter: