Chinese e-commerce giant, Alibaba, has launched a marketplace to trade non-fungible tokens (NFTs). The leading b2b e-commerce company now allows trademarks to sell their tokenized copyright licenses.
NFTs are becoming increasingly popular amongst creators and brands. Leveraging blockchain technology, tokenization by creating non-fungible tokens help businesses issue an immutable certificate of ownership.
Alibaba’s NFT marketplace is focused on allowing trademark owners to sell their copyright licenses and it is what they call “Blockchain Digital Copyright and Asset-Trade.” The marketplace would cater to all content creators like musicians, artists and brands.
The marketplace is live and anyone who wants to bid has to deposit 500 yuan (approx. $70), to be able to participate in an auction. While further details about what users can get and who can list their copyright tokens for sale is yet to become clear, the market is already becoming bigger and bigger.
NFTs, experts claim, are arguably the most potent use case of blockchain technology. Now as Alibaba enters the space, there is little doubt that the market will only grow in size.