Alibaba has launched a pioneering nonfungible tokens (NFTs) marketplace allowing users to sell licences to their copyright.
The Chinese ecommerce giant launched the new ‘Blockchain Digital Copyright and Asset-Trade’ marketplace today, aimed at attracting writers, musicians, artists, and game developers.
Alibaba’s platform will enable these creatives to sell tokenised licences to their intellectual property and is already hosting a number of NFTs ready to be auctioned next month.
Each NFT that is launched via Alibaba’s platform will be issued on a distributed ledger technology platform operated by the Sichuan Blockchain Association Copyright Committee.
In order to bid on NFTs buyers must deposit around $80, and can then view their collections via Bit Universe, a crypto portfolio application integrated into China’s ubiquitous social media platform WeChat.
It is the latest major exploration of NFTs in the retail space, following numerous announcements in the luxury fashion sector.
Earlier this month, Louis Vuitton announced it would begin rewarding players of its new video game with 30 NFTs.
It followed Burberry’s announcement that it was launching its first ever NFT, while brands including Balenciaga and Gucci are also understood to be exploring the technology.