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Alibaba launches NFT marketplace

Alibaba group holding, just released a statement and launched their non-fungible token marketplace allowing traders who can access it via their Alibaba auction site on their website or via the App.
To allow traders and holders to auction their tokenized collections.

The marketplace being dubbed as the “Blockchain digital and Copyright Asset” reporting from the Alibaba publisher called the south china morning post that the marketplace aims to reach out to many writers, musicians, gamers, developers and many more not just in the Asia market but hope to reach out to everyone across the globe.

The marketplace just recently went live on their platform and is already playing host to several of their NFTs collections for auction on the marketplace platform, with an initial deposit of just $77, before one can participate in any auctioned collection, encouraging all interested in any auction to reserve a token of $15.

Traders can access their NFTs collections via crypto application, Bit Universe, which is now integrated into WeChat Application.

Commenting on the new NFTs marketplace, SCMP reporter Josh Ye recently tweeted that “although the technology itself does not prevent unauthorised copying. Sales include complete ownership of works purchased through the platform.”

Alibaba’s recent announcement has got many of their firm’s subsidiaries already embracing nonfungible tokens and are buying an idea of embracing Cryptocurrency in the world.

In the same month, SCMP launched an NFT project named ‘ARTIFACT’ which included tokenized historical moments reported by the publication from its 118- year-old archive, such as the handover of Hong Kong from the U.K. to China in 1997.

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