A New Non-Fungible Token Marketplace Gets Launched by Alibaba

As per the latest reports, Alibaba Group Holding has gone ahead making a promising announcement for its users. For those unfamiliar with Alibaba Group Holding, it is currently one of the largest e-commerce platforms just like Amazon. Alibaba Group Holding is multinational and has its reach all over the world.

The firm has recently gone ahead announcing that it has launched a marketplace for non-fungible tokens. The marketplace has announced that with the help of the new marketplace for non-fungible tokens, the trademark holders would be able to benefit a lot.

The holders would be able to sell licenses in the form of tokens, which they would be able to do to their intellectual property.

Alibaba has announced that the name of the new marketplace would be “Blockchain Digital Copyright and Asset-Trade”. According to information, the users would be able to access Alibaba’s NFT marketplace through the Auction platform supported by Alibaba itself.

The New Copyright Blockchain would be the network where the newly launched non-fungible tokens on the platform will be launched. It is a distributed ledger technology, which is backed by the Copyright Committee of the Sichuan Blockchain Association.

The South China Morning Post (SCMP), a news publication owned by Alibaba provided more information on the matter. The SCMP reported that the particular NFT marketplace has been introduced to target game developers, artists, musicians, and writers.

Alibaba has announced that it has already launched its marketplace for non-fungible tokens. So far, it has introduced several non-fungible tokens and it is already hosting them. The company has announced that it is going to auction the newly developed and introduced NFTs in the coming month.

The firm has already announced the condition for participants taking part in the auctions. In order for the bidders to take part in the auctions, they must have made a deposit worth 500 Chinese yuan. The set amount translates to almost $77. For every auction taking place at the marketplace, the starting auctioning price would be $15.

Apart from introducing the primary platform, Alibaba has also integrated its service through an application known as Bit Universe. It is a cryptocurrency portfolio application that users can use to check their NFT collections.

The Bit Universe application is already integrated into the WeChat application, which is owned by Alibaba as well. Therefore, the users in China with existing access to WeChat would be able to access the application.

Through the platform, the users would be able to purchase content in the form of non-fungible tokens. This would mean that they would have complete authority over the NFT once purchased and will have copyrights for that.