NFTs as tokenised copyright licenses

Alibaba launched a new marketplace that makes it possible for brand owners to sell non-fungible tokens (NFTs) on a blockchain that allows them to sell tokenized licenses of their intellectual property, marking another foray into blockchain technology by China’s giant tech organizations.

This new marketplace dubbed “Blockchain Digital Creator Asset and Rights Trading” can be entered through Alibaba’s auction platform. Backed by the Sichuan provincial regime the NFTs launched through the platform will be issued on the “New Copyright Blockchain”, a larger shared ledger technology platform which managed by the Sichuan Blockchain Society Creator Rights board.

According to the South China Morning Post (SCMP) news publication, the marketplace expects to target:

• Writers
• Musicians
• Artists
• Game developers.

Allowing them to sell the rights to their content via blockchain.

Even though the technology itself does not prevent unauthorized copying, the sales integrate full ownership of the works purchased through the platform.

NFTs became an entirely new form of digital business and investment earlier this year and continued to increase to new highs in the second quarter

Many of the organization’s subsidiaries have already adopted the non-fungible tokens, as the financial technology firm sold 8,000 small-version NFTs based on 2 artworks to commemorate the ancient Dunhuang cave art, as an example of this we have the e-business platform Taobao, exhibited an NFT for the first time at its annual Maker festival, which celebrates Chinese art and entrepreneurship.

Alibaba Group also unveiled its own NFT plan. Using a new standard called ARTIFACT, readers will be able to own and exchange historical parts of stories such as the handover of Hong Kong to China on July 1, 1997.