{"id":8077,"date":"2021-08-17T08:01:35","date_gmt":"2021-08-17T07:01:35","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=8077"},"modified":"2021-08-17T08:01:44","modified_gmt":"2021-08-17T07:01:44","slug":"alibaba-introduces-nft-marketplace-for-the-exchange-of-intellectual-property-rights","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/alibaba-introduces-nft-marketplace-for-the-exchange-of-intellectual-property-rights\/","title":{"rendered":"Alibaba introduces NFT marketplace for the exchange of intellectual property rights"},"content":{"rendered":"\n
Alibaba has developed a new marketplace where trademark holders may sell NFT<\/a> tokens reflecting rights to their copyright.<\/h5>\n\n\n\n
\"Alibaba<\/figure>\n\n\n\n

Alibaba Group Holding\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, a Chinese multinational e-commerce giant, has established a new nonfungible tokens (NFTs) marketplace, allowing trademark holders to sell tokenized rights to their intellectual property.<\/p>\n\n\n\n

The new NFT marketplace, called “Blockchain Digital Copyright and Asset-Trade,” is accessible through Alibaba's Auction platform. The network's NFTs will be issued on the “New Copyright Blockchain<\/a>,” a distributed ledger technology platform managed centrally by the Sichuan Blockchain Association Copyright Committee.<\/p>\n\n\n\n

According to a report from the Alibaba-owned South China Morning Post (SCMP) on August 17, the marketplace wants to recruit writers, musicians, painters, and game creators.<\/p>\n\n\n\n

The marketplace is already operational, containing many NFTs <\/a>that will be auctioned off next month. To participate in auctions, bidders must pay a deposit of 500 yuan (about $77). Each of the future auctions has a reserve price of $15.<\/p>\n\n\n\n

Buyers can access their collections through the crypto portfolio app Bit Universe, which is integrated into WeChat.<\/p>\n\n\n\n

SCMP reporter Josh Ye tweeted about the new marketplace, saying that “while the technology itself does not prevent illicit copying. Sales include full ownership of works purchased via the platform.\u201d<\/p>\n\n\n\n

Many of the NFTs on sale do not specify what rights are granted to consumers, and one NFT appears to depict unlicensed Star Wars fan art.<\/p>\n\n\n\n

While this is Alibaba's most significant NFT announcement to date, many of the company's subsidiaries have previously embraced nonfungible tokens.<\/p>\n\n\n\n

Cointelegraph reported in July that Alibaba<\/a>-owned e-commerce portal Taobao featured NFTs for the first time in its annual Maker Festival, which celebrates Chinese art and business. Huang Heshan, a Chinese artist, hosted the auction of NFT-based real estate during the event.<\/p>\n\n\n\n

In the same month, SCMP unveiled the \u2018ARTIFACT' NFT project, which contained tokenized historical moments covered by the publication from its 118-year-old collection, such as the handover of Hong Kong <\/a>from the United Kingdom to China in 1997.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alibaba has developed a new marketplace where trademark holders may sell NFT tokens reflecting rights to their copyright. Alibaba Group Holding , a Chinese multinational e-commerce giant, has established a new nonfungible tokens (NFTs) marketplace, allowing trademark holders to sell tokenized rights to their intellectual property. The new NFT marketplace, called “Blockchain Digital Copyright and […]<\/p>\n","protected":false},"author":13,"featured_media":8088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1576,1451,147],"class_list":["post-8077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-alibaba","tag-copyright","tag-nft"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/image-184.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=8077"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8077\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8088"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=8077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=8077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=8077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}