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Alibaba launches its own ART marketplace for NFTs

Chinese e-commerce giant Alibaba has launched a new marketplace for NFTs. Here, trademark holders can sell tokenized licenses to their intellectual property.

According to the South China Morning Post, Alibaba’s Auction platform launched “Blockchain Digital Copyright and Asset-Trade.” Sichuan Blockchain Association will issue the NFTs on the platform.

While Chinese authorities are cracking down on private cryptocurrencies, they are enthusiastic about blockchain technology. Through this, Chinese authorities are advancing their integration of blockchain technology into key industries.

The Chinese government is also aiming to become the most advanced blockchain-powered country in the world by 2025.

Moving on to the platform, It has already listed numerous products. Most of them will start their auctions from next months. Each auction starts at 100 yuan ($15). Moreover, you need to deposit 500 yuan before bidding on any auction. After winning the auction, buyers can view their prizes on Tencent Holdings’ WeChat. They can do so by visiting the public account for Bit Universe.

As of now, Alibaba has already sold 8,000 limited-edition NFTs based on two pieces of artwork. The artwork commemorates ancient art from the Dunhuang Caves. Also,  The “NFT payment code skins” quickly sold out on the “AntChain Fan Grain” mini program in the Alipay app.

Although the Chinese government is rapidly cutting down all crypto activities, it is aggressively pushing its own native crypto, “Digital Yuan”. Not only do major merchants and marketplaces accept the CBDC now, but even ATM withdrawals are also available for the virtual currency in major cities. Moreover, payment in Digital Yuan also rewards users with concessions in order to increase the virtual currency’s adoption.

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