Traditional companies have let go of the ethos of not embracing new and nascent technologies for the betterment of their own operations. Organizations like China’s Alibaba have taken steps to ensure that upcoming developments are tapped for maximum potential. To achieve this goal, the company recently launched its own non-fungible token to allow holders to govern their intellectual property.
Named the Blockchain Digital Copyright and Asset-Trade, Alibaba’s NFT marketplace will be accessible to users via the company’s auction platform. Alibaba assured users that the marketplace will be kept to the highest standards of privacy and security, with plans to expand it still in the works.
Reports from within the organization informed us that the NFTs would be issued on the New Copyright Blockchain [NCB]. The NCB is a ledger tech platform founded and operated by the Sichuan Blockchain Association Copyright Committee.
The marketplace and its distribution channels were explained by the South China Morning Post with many users pumped for more information. According to the piece:
“Once the digital products are purchased, buyers can view their items on Tencent Holdings’ WeChat by visiting the public account for Bit Universe, a Shanghai-based firm backed by the Tree Graph Blockchain Research Institute.”
The sheer popularity of NFTs earlier this year propelled them into becoming one of the most sought-after and talked-about commodities in the market. Alibaba aims to make it more accessible for artists to showcase their creations and get the best value that they feel would be appropriate. The marketplace is already live and the set price for a user to access it is 500 yuan.