Alibaba opens the NFT market; China Gets Serious On Crypto

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NEW DELHI: Alibaba Group of China has launched a non-fungible token (NFT) market. The proprietary platform allows customers to buy and sell NFTs and also facilitates the licensing and sale of intellectual property (IP). The Chinese tech major has combined two different markets into one and created a new bunch of services available on a single platform. It’s copyrighted by blockchain technology, which is an added bonus, according to a report on scmp.com. The report adds that issued NFTs are issued on the so-called New Copyright Blockchain, operated by the Sichuan Blockchain Association Copyright Committee. Alibaba calls the system it created for NFT trading as Blockchain Digital Copyright and Asset-Trade. The company allows any content creator to protect the material through the blockchain and also sell the rights (tokens). The system operates on a tokenized basis. The copyright belongs to the content creator who owns a token. The Alibaba NFT platform also has many other products on its menu, but they won’t be auctioned until September, the report says. Alibaba is a multinational corporation of Chinese origin that provides technology services such as internet services, technology solutions and e-commerce. It was founded in 1999, but quickly rose through the ranks to become one of the largest in the world with assets worth $ 257 billion. It was also one of the first companies to get involved in cryptocurrency and blockchain solutions.

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