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Alibaba Launches its NFT Marketplace to Trade Intellectual Property

The Chinese multinational e-commerce giant, Alibaba, has launched a whole new online marketplace for NFTs this week. It allows users to sell and trade their intellectual property through blockchain technology. 

According to a report from the South China Morning Post (SCMP), the service is called “Blockchain Digital Copyright and Asset Trade”. The NFTs will be issued through the New Copyright Blockchain, which is a platform operated by the Sichuan Blockchain Association Copyright Committee.

There are various products that have been listed on the platform, and waiting for the auctions in the coming month. To participate in the bidding requires a 500 yuan deposit, and every auction is initiated at 100 yuan. Buyers can view the items they purchased on Bit Universe’s public WeChat account. 

SCMP reporter Josh Ye said in the article that “NFTs enable this with the use of unique, encrypted tokens that allow a person to prove ownership, although the technology itself does not prevent unauthorised copying. Sales include complete ownership of works purchased through the platform, according to an introduction posted online.”

Read Also: Transforming ideas into a tradeable asset – how tokenization will disrupt Intellectual Property Rights

The report also mentioned that Alibaba’s financial technology services affiliate, Ant Group, has already started its journey in NFTs this summer. The projects include selling 8,000 limited-edition NFTs of the two pieces of artwork, and partnering up with the Union of European Football Association (UEFA) for a NFT product. In fact, not only Alibaba there are more and more tech giants that have been getting involved in trading digital assets through NFTs.

Photo by Clay Banks on Unsplash

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