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Breaking: Alibaba Launches Its NFT Marketplace

Breaking Alibaba Launches Its NFT Marketplace
  • Chinese E-commerce giant Alibaba opens an NFT marketplace.
  • The Sichuan government approved the marketplace.
  • Alibaba already sold 8,000 limited-edition NFTs.

This week, Chinese e-commerce giant — Alibaba launched its first Non-Fungible Token marketplace platform with the approval of the Sichuan government.

The online auction is called “Blockchain Digital Copyright and Asset Trade”. According to reports, the Alibaba Auction’s new section lets musicians and artists sell the rights to their content via blockchain.

To be clear, the NFTs will be issued by the Sichuan Blockchain Association Copyright Committee’s New Copyright Blockchain. Despite cracking down on private cryptocurrencies, Chinese authorities are still enthusiastic about blockchain technology.

Clearly, as part of its effort to become the most advanced blockchain power in the world by 2025, the Chinese authorities are allowing Alibaba to sell NFTs to facilitate the integration of blockchain technology into key industries.

Meanwhile, the NFT auctions platform has already listed numerous products.  It will start auctions off from next month. Along with the Star Wars illustration, it also features West Pearl Tower, a landmark of Sichuan’s capital Chengdu.

To highlight, each auction starts at 100 yuan (US$15) while bidding requires a deposit of 500 yuan. Upon winning, users can view their prizes on Tencent Holdings’ WeChat account by visiting Bit Universe’s public account.

Previously, Alibaba sold 8,000 limited-edition NFTs based on two pieces of artwork commemorating ancient art from the Dunhuang Caves. In fact, “NFT payment code skins” sold out quickly on the “AntChain Fan Grain” mini program in the Alipay app.

This year, NFTs have undoubtedly become a hot new form of digital investment, continuing to surge to new highs in Q2. According to data from DappRadar, NFT sales reached over $2.5 billion in July. By October, the number is expected to be $175 million, up from just $13.7 million during the first half of 2020.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.