Alibaba is launching its new marketplace dedicated to NFT ART to allow artists to sell the copyright of their works using blockchain.
According to reports, the e-commerce giant is welcoming the marketplace for Non-Fungible Tokens representing digital works of art.
Alibaba Auction is the name of the new dedicated section where numerous NFTs such as a Star Wars illustration and a painting of the West Pearl Tower are already featured. But apparently, auctions will be open to the public beginning next month, starting at $15 per piece.
Not only that, once a buyer lands their NFT ART, they’ll be able to view their item on Tencent Holdings’ WeChat messaging app by visiting the Bit Universe public account.
Alibaba’s idea to officially enter the world of NFTs is a consequence of the work of Ant Group, its financial technology services affiliate that has already dabbled in the emerging sector this year.
In fact, Ant Group has reportedly already sold 8,000 limited edition NFTs based on two works of art to commemorate the ancient art of the Dunhuang caves. Not only that, for the Europe 2020 soccer championship last month, Ant Group introduced the Top Scorer NFT.
Alibaba and NFT ART: a new blockchain combo
Alibaba has been very supportive of blockchain developments from the get-go, despite being headquartered in China. Yet, the new NFT ART market seems not to be limited by Chinese laws that are, instead, hyper restrictive in the cryptocurrency field.
Not only that, the NFT market has exploded in 2021, with $2.5 billion in sales at the beginning of July alone. An exponential increase when you consider that in the first half of 2020, sales were only $13.7 million.
So here’s where Alibaba chooses the artwork niche, ART NFTs, to begin marketing the new NFTs to facilitate the exchange of copyright between artists. A new and already popular marketplace to act as a meeting point between artists and collectors.
NFT ART is increasingly at the center of this storm. After Beeple’s NFT work sold at Christie’s auction for $69,346,250, there have been cases of all kinds. Recently, for example, a collectible NFT Pudgy Penguin, a meme of funny penguins, sold for $469,000, or there have been rankings of the most acclaimed individual artists, such as that of young Italian artist Dangiuz, class of ’95, who has a sales record of his $300,000 NFT ART.
Not only that, but the famous Italian fashion brand Dolce&Gabbana is also launching its first “Genesis Collection” NFTs on the luxury marketplace UNDX by the end of August 2021. These are NFTs inspired by Venice and personally designed by D&G’s two co-founders, Domenico Dolce and Stefano Gabbana.
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