Alibaba Launches NFT Marketplace for Copyright Trading

The trading platform uses tokens issued on the New Copyright Blockchain developed by the Sichuan Associationblockchain.

Chinese holding Alibaba Group launcheda non-fungible token (NFT) marketplace for copyright trading, reports the South China Morning Post. The project was implemented with the participation of the Sichuan Provincial Government. The trading platform has already started operating as a new section on the online auction site - Alibaba Auction.

Marketplace uses NFT tokens issued onNew 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 of each NFT auction on a new onemarketplace is 100 yuan ($ 15.4 at the current exchange rate on August 17). Users must make a minimum deposit of RMB 500 ($ 77.2) to bid.

In early August, trading volumes on the OpenSea NFT marketplace exceeded $ 828.6 million, although in July this figure was only $ 284.2 million, and in June - $ 125.2 million.

In the first half of 2021, sales of non-fungible tokens reached a record $ 2.5 billion. In 2020, NFT sales were $ 95 million - 26 times less.

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