Alibaba has launched NFT market; China becomes serious on Crypto

Alibaba Group of China has started a non-fungible token (NFT) marketplace. The dedicated platform enables customers to sell and purchase NFTs and also supports licensing and selling of intellectual property (IP).

The Chinese tech major has combined two distinctive markets into one and developed a new bouquet of services available on a solitary platform.

According to a report, it is copyrighted by blockchain technology which is an added advantage.

The system created for NFT trading by Alibaba is recognized as Blockchain Digital Copyright and Asset-Trade.

The report added that the issued NFTs are invented on what is known as the ‘New Copyright Blockchain’. Sichuan Blockchain Association Copyright Committee operates it solely.

The firm allows any content creator to copyright material through the blockchain and sell the tokens (rights) also. The system works on a tokenized basis. The copyright is owned by the content creator who owns a token.

The report also mentions that the Alibaba NFT platform displays several other products on its menu too. But till September, they won’t be up for auction.

An MNC of Chinese origin, Alibaba facilitates tech services like technology, internet services and e-commerce solutions.

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