KANALCOIN NEWS – Non-fungible token or NFT is a blockchain technology that is able to suppress the piracy of a work of art that is considered to be detrimental to its creator.
This NFT can provide an official duplication that has similarities to an original asset.
This means that works of art that are included in the NFT and have been registered with HAKI (Intellectual Property Rights) will be officially circulated and sold through the technology by exchanging or buying them through cryptocurrency.
Thus, the buyer will be recorded as the owner of the goods he bought by having an official certification as well.
This is a new challenge for Alibaba to make an innovation within the company.
Therefore, Alibaba from China has launched the NFT market as a forerunner to help creators or trademark holders to sell their wealth licenses through digital tokenized.
The market, which is named “Blockchain Digital Copyright and Asset-Trade”, is said to be able to provide access to all art creators in the world through the Alibaba Auction platform.
In addition, the platform can be operated centrally through the Copyright Committee of the Sichuan Blockchain Association.
Reported by Kanalcoin.com from Cointelegraph.com, the market is expected to bring together various professions, including writers, musicians, artists, and game developers.
The market is already active, so in a month or so, they will be able to offer some NFTs up for auction.
The method is that the bidder must provide an advance deposit of 500 yuan or around Rp. 11 million. Each auction has a reserve of 500 dollars or Rp. 216,000.
Furthermore, buyers can view some of the items or assets on offer through the Bit Universe crypto portfolio application integrated with We Chat.
This can make it easier for buyers to purchase multiple assets which can give full ownership and prevent legal copying.
However, the market offers a lot of NFTs that cannot articulate what rights its buyers get.
Even many Alibaba subsidiaries still use non-exchangeable tokens, even though Alibaba’s NFT is one of the largest NFTs in the world.
Previously, Alibaba’s NFT has been launched since July 2021 by exhibiting NFT for the first time at the Festival created by Chinese artist Huang Heshan as a form of celebration of Chinese art and entrepreneurship.
In the same month, the South China Morning Post (SCMP) has also launched an NFT called Artifact by including several historical moments regarding the handover of Hong Kong from Britain to China in 1997 in the form of an archive of publications that are 118 years old.
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Author: Muhammad Zaki Fajrul Haq
Follow me at @mzfajrulhaq (Instagram) or @ZakiFajrul (Twitter).