Chinese holding company Alibaba Group has just launched a non-fungible token (NFTs) marketplace for copyright trading, the South China Morning Post has reported.
The project has been launched with the participation of the People's Government of Sichuan Province. The trading platform has already gone live as a new section on online auction site Alibaba Auction.
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The marketplace uses NFT tokens issued on New Copyright Blockchain, a blockchain created by the Sichuan Blockchain Association Copyright Committee. With New Copyright Blockchain, writers, musicians, developers and other professionals can sell their work in the form of NFTs.
The minimum price for each auction of NFTs on the new marketplace is 100 RMB ($15.4 on August 17). A minimum deposit of 500 RMB ($77.2) is required to take part in the auctions.