What Is Alibaba NFT Marketplace?

 


Chinese Technology Giant, Alibaba who is specialized in internet services and eCommerce solutions has launched a new NFT Marketplace that allows trademark holders to sell NFTs which represent licenses to their copyrights.

Let us have a deep look at the reasons behind the launch of NFT Marketplace by Alibaba.

What Is Alibaba NFT Marketplace?

Alibaba NFT Marketplace is a platform that not only offers customers the ability to purchase & sell NFTs but allows all to license & sell intellectual property (IP) as it is copyrighted with blockchain technology.

Thus it is an exclusive platform allowing customers to buy, sell NFTs and also facilitates getting the license to sell intellectual property (IP). 

Alibaba Group - Chinese Multinational E-commerce Company

Alibaba Group Holding Limited, a well-known multinational company that specializes in eCommerce, internet, technology, and retail was founded by Jack Ma in Hangzhou, Zhejiang on 28th June 1999.

In 2020, Alibaba was rated as the 5th largest Artificial Intelligence company and the 6th highest global brand valuation.

Industry Type: Technology Company

Founded Year: 1999

Founder: Jack Ma

Area Served: Globally

Headquarters: Hangzhou, Zhejiang.

Alibaba's revenue is $21.8B in 2021 and now the company is involved in cryptocurrency & blockchain solutions.

Alibaba's NFT Marketplace 

On August 17, 2021, the billion-dollar company launched NFT Marketplace and the report says that the NFTs issued are minted on New Copyright Blockchain which is operated by Sichuan Blockchain Association Copyright Committee. 

This Marketplace hopes to focus on writers, musicians, game developers, and artists.

Already the marketplace is live and hosting several NFTs are set to be auctioned next month.  

How To Participate In Alibaba NFT Marketplace? 

Anyone can participate in Alibaba NFT Marketplace auctions by posting a deposit of 500 Yuan. All the upcoming auctions are set with a reserve price of  $15 each.

The buyers can view their collections through Bit Universe, a crypto Portfolio application that is integrated with WeChat.

In most of the  NFT Marketplaces, many NFTs do not articulate what rights purchasers have, with NFT appearing to depict unlicensed Star Wars fan art. But this biggest announcement of Alibaba has embraced nonfungible tokens in many organizations

Alibaba owned an E-commerce platform, Taobao that showcased NFTs at the annual Maker Festival for the first time that celebrated Chinese art and entrepreneurship.

Launching an NFT Platform like Alibaba’s NFT Marketplace can build brand identification and recognition faster and easier.

We have NFT Experts who can develop Alibaba NFT Marketplace Clone Script to launch your own NFT Marketplace Platform.


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