Alibaba Group Holding has recently launched a new NFT (non-fungible token) marketplace where trademark holders can sell tokenized licenses to their IP (intellectual property).
The “Blockchain Digital Copyright and Asset-Trade” marketplace can be accessed through Alibaba’s Auction platform. NFTs launched using the platform will be issued on a distributed ledger technology platform called “New Copyright Blockchain”, which is centrally operated by the Sichuan Blockchain Association Copyright Committee.
The marketplace aims to target musicians, artists, writers and game developers.
It is currently hosting several NFTs that will be available for bids next month. Bidders are required to post a deposit of approximately $77 before they can participate in auctions. The reserve price of each upcoming auction will be $15.
The NFT collection can be viewed via Bit Universe, a crypto portfolio application that is integrated into WeChat.
Although the marketplace emphasizes on copyright, many of the NFTs displayed do not show what rights are being given to buyers. One of the NFTs even appears to depict unlicensed Star Wars fan art.
