Alibaba Launches NFT Marketplace for Copyright Trading

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Chinese holding company Alibaba Group has launched a non-fungible token (NFT) marketplace for copyright trading, according to the South China Morning Post.

The project has been implemented with the participation of the Sichuan Provincial Government. The trading platform is already working as a new section on the online auction site Alibaba Auction.

The marketplace uses NFT tokens issued on the New Copyright Blockchain. This blockchain was created by the Copyright Committee of the Sichuan Blockchain Association. With the New Copyright Blockchain, writers, musicians, developers, and other professionals can sell their work as NFTs.

The minimum price for each NFT auction on the new marketplace is 100 Yuan ($15.4 at the current exchange rate as of August 17). Users must make a minimum deposit of RMB 500 ($77.2) to bid.

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