Alibaba’s non-fungible token (NFT) marketplace Jingtan issued one-year suspensions to more than 680 accounts for using computer programs and massage guns to make instant purchases as soon as items hit the market.
This week, Chinese e-commerce giant — Alibaba launched its first Non-Fungible Token marketplace platform with the approval of the Sichuan government.
The online auction is called “Blockchain Digital Copyright and Asset Trade”. According to reports, the Alibaba Auction’s new section lets musicians and artists sell the rights to their content via blockchain.
To be clear, the NFTs will be issued by the Sichuan Blockchain Association Copyright Committee’s New Copyright Blockchain. Despite cracking down on private cryptocurrencies, Chinese authorities are still enthusiastic about blockchain technology.
Clearly, as part of its effort to become the most advanced blockchain power in the world by 2025, the Chinese authorities are allowing Alibaba to sell NFTs to facilitate the integration of blockchain technology into key industries.