Alibaba has made it possible for trademark proprietors to offer non-transferable rights (NFTs) that constitute licenses to their property to a new market.
The New Marketplace
An online marketplace for nonfungible tokens (NFTs), established by Alibaba Group Holding. The marketplace allows trademark owners to sell tokenized rights to their intellectual property on the site.
“Blockchain Digital Copyright and Asset-Trade,” the new NFT marketplace, accessible via Alibaba’s Auction network. The “New Copyright Blockchain” — a distributed ledger technology platform centrally controlled by the Sichuan Blockchain Association Copyright Committee — will be used to issue the NFTs.
Additionally they aim to attract:
According to a South China Morning Post (SCMP), the marketplace aims to attract writers, singers, artists, and game developers.
Already, several NFTs listings on the marketplace and auctioning off next month. A 500 yuan (approximately $77) deposit is required to participate in auctions. They have decided that the reserve price for every forthcoming auction would be $15 apiece.
Bit Universe, a crypto portfolio application linked with WeChat, allows buyers to browse their collections.
SCMP writer Josh Ye tweeted about the new marketplace, saying that “although the technology itself does not prevent unauthorized copying. Sales include complete ownership of works purchased through the platform.”
NFTs on exhibit are often vague about what rights they grant to buyers, with one NFT appearing to show illegal Star Wars fan art as a possible example.
Even though this is Alibaba’s most prominent NFT announcement to date, several of the company’s subsidiaries have already embraced nonfungible tokens to some extent.
When Alibaba-owned Taobao held its annual Maker Festival in July, NFTs were on display for the first time. Chinese artist Huang Heshan sold NFT-based property during the event.
ARTIFACT
Additionally, in the same month, SCMP launched an NFT project named ‘ARTIFACT’ as part of the NFT project. SCMP published tokenized historical moments from its 118-year-old collection. Moreover, such as the turnover of Hong Kong from the U.K. to China in 1997.
