Chinese e-commerce giant, Alibaba Group, has launched a non-fungible token (NFT) marketplace where the general public can trade NFTs. The company is making this effort as it tries to create a name for itself in the blockchain technology sector. The new service is dubbed “Blockchain Digital Copyright and Asset Trade.”
According to reports, the company’s new NFT marketplace will be part of a section called Alibaba Auction. Alibaba will also use crypto portfolio services firm, Bit Universe, to develop insights and analytics for the collections, via the Guan Jian NFT platform.
The work with Guang Jian will help Alibaba Auction with digital items, including digital art, trading cards, copyrights, e-sports collectibles, and several other examples. Guang Jian is integrated with the New Copyright Blockchain, which in turn has the backing of the Sichuan provincial government.
The Blockchain Digital Copyright and Asset Trade would give content creators a platform to sell the rights, trading them using non-fungible tokens on the blockchain. The platform will support content from several types of creators, including musicians, writers, artists, and game developers.
Currently, the marketplace is up and running. Interested participants must deposit 500 yuan (55 GBP or $77) for admission into the auctions. The platform has already scheduled some NFTs to be auctioned in September. Similarly, Tencent, another Chinese giant, has launched Huanhe, a trading software for NFTs. Huanhe built the software on Zhixin Chain, a proprietary blockchain from Tencent, accessible via WeChat.
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