Alibaba Enters Digital Art Market, Joining Thriving NFT Industry in China |
Over the past year, Chinese tech giants have ventured into the realm of NFT, harnessing and fueling the popularity of virtual assets in China.
In June, Alibaba plunged into the NFT business, selling 16,000 limited-edition artworks in minutes on the company’s payment arm, Alipay. The artistic partner he chose was not an avant-garde digital artist or a high-end brand, but the Dunhuang Research Academy, which houses UNESCO-listed murals.
A month later, Alibaba once again found room for the cryptosphere’s biggest craze, hosting NFTs at the Taobao Maker Festival, an annual summit for budding creatives. The Chinese tech giant now offers NFTs a permanent home in its ecosystem.
Alibaba has opened up a digital marketplace for trading NFTs on a blockchain called Blockchain Digital Copyright and Asset Trade. Managed by the Copyright Committee of the Sichuan Blockchain Association and supported by the provincial government, this is a new area within Alibaba Auction, an auction platform.
The platform allows content creators, including artists, musicians, and game developers to protect blockchain copyrights and sell them as NFT. Display and auction functionality will be provided by Guang Jian, operated by Bit Universe, with users able to access the platform through Tencent’s Alipay or WeChat. Continue reading the full article here