Alibaba Group, a Chinese multinational technology company, launched a marketplace for non-fungible tokens (NFT). Regional reports indicate that the Alibaba NFT platform allows customers to buy and sell NFTs. It also offers the opportunity to license and to sell intellectual property (IP) as the blockchain technology is copyrighted.

Alibaba’s Blockchain Copyright Service

Alibaba, a large Chinese corporation, specializes in internet services and technology. The company, founded in 1999, quickly catapulted to being one of the biggest in the world with $257 billion in assets under its wing. Alibaba has raked in $21.8 billion in revenue so far in 2021 and the company has been involved with cryptocurrency and blockchain solutions for years now.

The billion-dollar company has launched its NFT marketplace this week according to a report published on August 17 by the South China Morning Post (SCMP). It is worth noting that SCMP is also owned by the Hangzhou-based tech company. According to the report, the NFTs are issued on the so-called “New Copyright Blockchain”, which is managed by the Sichuan Blockchain Association Copyright Committee.

One service offered by Alibaba NFT marketplace is “Blockchain Digital Copyright and Asset Trade.” This allows content creators to copyright material through the blockchain and then sell the rights (tokens). According to the Alibaba NFT Marketplace intro page, the copyright is tokenized and only the token owner owns the content. Josh Ye, a SCMP reporter, explains that although the Alibaba NFT marketplace already lists many products, they will not see an auction until next month.

South China Morning Post and Tencent Launch NFTs

Josh Ye notes that one item includes a Star Wars illustration, and another depicts Sichuan’s West Pearl Tower. “Each auction starts at 100 yuan (US$15), and bidding requires a 500 yuan deposit,” the SCMP writer notes. SCMP will issue non-fungible token assets, similar to American magazines like USA Today and Fortune.

Inside Alibaba, Ant Group, the company’s fintech affiliate, is also jumping into NFT. The Alibaba NFT market can be connected with Tencent Holdings. On the global playing field, Alibaba will have to face challenges from other markets that have raised millions of dollars this year like Rarible, Opensea, and Makersplace. Further, the Crypto.com and FTX-branded NFT marketplaces will also be Alibaba’s competitors.

What do you think about Alibaba getting into NFTs and the newly created Alibaba NFT marketplace? Please comment below to let us know your thoughts on this topic.

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