Alibaba wants to test the potential of the metaverse as the Chinese giant registered a new company in Beijing named Yuanjing Shengsheng focused on gaming aspects of the new technology, the South China Morning Post has learned. According to the report, the new unit focused on the metaverse has $1.6 million in registered capital. It remains unclear though on what initiatives the new unit will be working on.
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Previously, Alibaba Group launched its own non-fungible token (NFT) marketplace for copyright trading. The project was launched with the participation of the People's Government of Sichuan Province. 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.
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