In yet another event marking the growing prominence of NFTs across the globe, Alibaba group has announced the launch of an NFT ART marketplace specifically dedicated to artists looking to sell the copyright of their creations using blockchain technology.
The dedicated NFT section goes by the name of ‘Alibaba Auction’. It has already become the home to many well-known NFTs, including a Pearl Tower painting and another Star Wars illustration. The auctions will commence for the general public from next month and the cost decided for the process is pegged at $15/piece.
Alibaba’s foray into the domain of NFTs is the culmination of the efforts put in by the Ant Group – the service affiliate of the group in the domain of financial technology. Ant has already done extensive work in NFTs, including the sale of 8000 NFTs based on the Dunhuang caves. It has also introduced the NFT named Top Scorer for the 2020 Europe Soccer Championship just a month ago.
It is important to note that the Alibaba group has been very vocal about using blockchain technology in the past. This is despite the Chinese government’s tough stance regarding cryptocurrency and allied technologies. The regulators have already declared the use of cryptocurrency in the country as illegal and warned financial institutions against its use or helping others who deal in cryptocurrencies.
It will be interesting to witness how the government will react to this development and the business revenue the group is able to generate by virtue of this new addition to their capabilities. The trend of NFTs is picking up across the globe, and it makes sense for the e-commerce giant to start leveraging the opportunities at the right time.