(Beincrypto) Chinese e-commerce firm Alibaba Group Holdings is seeking the approval of a non-fungible token marketplace from the Sichuan provincial government.
Dubbed “Blockchain Digital Copyright and Asset-Trade,” the service will allow artists, musicians, and writers to sell content rights via blockchain.
Alibaba’s NFT marketplace was launched last week and the platform is run by the Sichuan Blockchain Association Copyright Committee.
The authorization of Alibaba’s blockchain reflects the desire by Chinese authorities to integrate blockchain technology into key industries despite crackdowns on private cryptocurrencies.
NFTs are becoming popular this year, hitting sales of over $2.5 billion by the start of July, up from only $13.7 million in the first half of last year.
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