Alibaba creates an NFTs Marketplace for China
Chinese e-commerce giant Alibaba Group Holdinghas opened a new online market for digital assets (NFTs) for China
The platform, called “Blockchain Digital Copyright and Asset Trade”, allows writers, musicians, game developers and other artists (as well as Sports Teams) to sell the rights to their content via blockchain.
The most important thing is that this platform is already connected to Chinese Social Networks.
Buyers can view their collections via crypto portfolio application Bit Universe, which is integrated into WeChat.
NFTs enable this with the use of unique, encrypted tokens that allow a person to prove ownership, although the technology itself does not prevent unauthorised copying. Sales include complete ownership of works purchased through the platform, according to an introduction posted online.
The marketplace is already live, hosting several NFTs that are set to be auctioned next month. Bidders must post a deposit of 500 yuan (roughly $77) to participate in auctions. Each upcoming auction has set a reserve price of $15 each.
Chinese authorities are facilitating the integration of blockchain technology into key industries as part of its effort to become the most advanced blockchain power in the world by 2025.
The future is here. Join us and sell you NFTs to the Chinese Market.
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