The marketplace uses tokens issued on the New Copyright Blockchain developed by the Sichuan Blockchain Association.
The Chinese holding company Alibaba Group has launched a non-fungible token (NFT) marketplace for copyright trading, according to the South China Morning Post .
The project was implemented with the participation of the Sichuan Provincial Government. The trading platform has already started its work as a new section on the online auction site – Alibaba Auction.
NFT tokens are unique and not divisible. Such tokens are used to confirm ownership of an object; they cannot be replaced without the consent of the owner.
The marketplace uses NFT tokens issued on the New 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 NFT.
The minimum price for each NFT auction on the new marketplace is 100 Yuan ($ 15.4 at the current exchange rate as of 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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