Alibaba becomes the latest tech company to launch an NFT marketplace
Nonfungible tokens (NFTs) have gained massive adoption over the past year, and the good times continue. Alibaba, one of the leading companies in China, has announced the launch of its NFT marketplace.According to a post by the South China Morning Post (SCMP) earlier today, the NFT marketplace is supported by the Sichuan provincial government. The marketplace intends to attract writers, musicians, artists, and game developers.
“The nonfungible tokens (NFTs) will be issued through the New Copyright Blockchain, a platform run by the Sichuan Blockchain Association Copyright Committee,” the report added. The platform will allow writers, musicians, game developers and other artists to sell the rights to their content through blockchain technology.
China is big on blockchain technology despite cracking down on cryptocurrencies
China considers blockchain to be one of the most important technologies in the world despite its crackdown on cryptocurrency. In recent years, China has banned numerous cryptocurrency ventures in the country.Crypto exchanges no longer operate in China, while cryptocurrency mining has also been made difficult for miners. However, blockchain technology continues to gain adoption in various sectors of the Chinese economy.
The rise of NFTs has made it easier for content creators to sell the rights to their creations and earn maximum rewards for them. Alibaba’s NFT platform already has products listed, including a Star Wars illustration, a painting of the West Pearl Tower and a landmark in Chengdu.
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