An Alibaba NFT copyright marketplace has launched, allowing trademark holders to sell non-fungible tokens linked to intellectual property.
The platform comes with the catchy title Blockchain Digital Copyright and Asset-Trade. The traditional Alibaba Auction site acts as a portal to the new offering. Any crypto assets dropped through the system will utilise the New Copyright Blockchain, built by the Sichuan Blockchain Association Copyright Committee.
Up against collections like CryptoPunks and Bored Ape Yacht Club, trading copyright agreements might not seem like much fun. But this is one of the most significant crypto launches in some time. That’s because it’s a tangible example of how NFTs can and are transforming the business world.
Why is the Alibaba NFT Copyright Marketplace Important?
A report in South China Morning Post suggests the new marketplace aims to target writers, artists, musicians, and game developers. This makes perfect sense, as the creative industries have historically been plagued by copyright disputes, and thanks to smart contracts this is one of the obvious uses for an NFT.
The platform is live, with several tokens waiting for auction later this month. A reserve price of $15 will apply to all sales, and bidders will need to pay a 500 yuan (around $77) deposit to take part.
It’s important to note that the system is not foolproof. While the NFTs do grant full ownership of work and rights to the buyer, there is still the question of people making unauthorised copies of that work. Currently, the non-fungible tokens on display also do not specify what rights they relate to.
This is far from Alibaba’s first dive into NFTs, but it’s certainly the company’s biggest. In the past, its subsidiaries have explored the space. e-commerce platform Taobao exhibited tokens at its annual Maker Festival in July. This came in the form of NFT-based real estate by the artist Huang Heshan.
Meanwhile, around the same time, the South China Morning Post, which Alibaba owns, presented a project called ‘Artifact’. In a similar way to what we have seen with CNN and Associated Press, the tokens were linked to historic moments from the newspaper’s 118-year history. A period of significant change in China, from the fall of Nanking to the handover of Hong Kong.