Alibaba Enters The Digital Art Marketplace, Joining China’s Flourishing NFT Sector

In the past year, Chinese tech giants have ventured into the NFT realm, tapping and fueling the popularity of virtual assets in China.

In June, Alibaba plunged into the realm of NFTs, selling out 16,000 limited-edition artworks in a matter of minutes on the company’s payment arm, Alipay. The artistic partner it chose wasn’t an edgy digital artist or a high-end brand, but Dunhuang Research Academy, home to UNESCO-listed murals.

A month later, Alibaba again found space for the biggest craze in the cryptosphere, welcoming NFTs at the Taobao Maker Festival, an annual summit for budding creatives. Now, the Chinese technology giant is affording NFTs a permanent home in its ecosystem.

What happened?

Alibaba has opened a digital marketplace for the trading of NFTs over a blockchain called the Blockchain Digital Copyright and Asset Trade. Operated by the Sichuan Blockchain Association Copyright Committee and backed by the provincial government, it’s a new area inside Alibaba Auction, an auction platform.

The platform allows content creators including artists, musicians, and game developers to copyright material on the blockchain and sell them as NFTs. Display and bidding functionality will be served by Guang Jian, run by Bit Universe, with users able to gain access to the platform through Alipay or Tencent’s WeChat. Continue to read the full article here