Alibaba launches NFT marketplace for copyright trading

Published on: 17.08.2021

Chinese multinational e-commerce firm Alibaba Group Holding has launched its new marketplace dedicated to NFT ART to allow artists to sell the copyright of their works using blockchain.

Alibaba Auction is the name of the new dedicated section where numerous NFTs such as a Star Wars illustration and a painting of the West Pearl Tower are already featured. But apparently, auctions will be open to the public beginning next month, starting at $15 per piece.

Once a buyer lands their NFT ART, they’ll be able to view their item on Tencent Holdings’ WeChat messaging app by visiting the Bit Universe public account.

Alibaba’s idea to officially enter the world of NFTs is a consequence of the work of Ant Group, its financial technology services affiliate that has already dabbled in the emerging sector this year. In fact, Ant Group has reportedly already sold 8,000 limited edition NFTs based on two works of art to commemorate the ancient art of the Dunhuang caves. Not only that, for the Europe 2020 soccer championship last month, Ant Group introduced the Top Scorer NFT.

Alibaba has been very supportive of blockchain developments from the get-go, despite being headquartered in China. Yet, the new NFT ART market seems not to be limited by Chinese laws that are, instead, hyper restrictive in the cryptocurrency field.

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