A Chinese court in the city of Hangzhou said collections of non-fungiable tokens (NFTs) are online virtual properties that must be protected under Chinese law. Here are the details of the decision taken for the NFT area, where many altcoin projects take place.
Decision made on NFTs in China
Hangzhou Internet Court, a specialist internet court, issued a decision on November 29. The issue was also detailed in an article shared by crypto blogger Wu Blockchain on Dec. The article lays out the appropriate language for NFTs after the country began tightening up cryptocurrencies in 2021, leaving NFTs in the gray zone. When translated, the article explains that NFTs are characterized by “value, scarcity.” It also states that NFTs have object properties of property rights such as tradability. As a result, he says, these are “virtual network property” that “must be protected by China’s law.”
The court ruled that a lawsuit required “confirmation of the legal qualifications of the NFT collection”. He acknowledged that “Chinese law currently does not explicitly stipulate the legal qualifications of NFT collections.” The court ruling pointed to a user of a tech platform, both of which are anonymous. He pointed out that he refused to complete a sale because the user gave a name. Therefore, the lawsuit filed against the company that canceled the NFT purchase from the “flash sale” set a precedent.
“NFTs epitomize the original art expression of the creator and have relevant intellectual property rights value,” the court said. He added that NFTs are “created on the Blockchain based on the trust and consensus mechanism between blockchain nodes.” Therefore, the court said that “NFT digital collections fall under the category of virtual property.” They decided that the transaction in the case was viewed as “selling digital goods over the internet.” In addition, according to the authorities, the area should be regulated by the e-commerce business and the “e-commerce Law”.
Bitcoin also has property rights
This comes after the Shanghai Supreme People’s Court issued a document in May stating that despite the country’s crypto ban, Bitcoin is similarly subject to property rights laws and regulations. With its crypto ban, China has sought to separate NFTs from crypto with a government-backed blockchain project to support the distribution of fiat-paid NFTs.
The government is still on the alert to ensure that its people resist “NFT speculation.” This issue was also addressed in a statement shared by the China Banking Association, the China Internet Finance Association, and the China Securities Association. This was noted in a joint statement issued in April that warned the public of the “hidden risks” of NFT investing. China is not the only jurisdiction that subjects NFTs to property laws. cryptocoin.com As we reported, a Singaporean Supreme Court judge compared NFTs to physical properties such as luxury watches or fine wine in an October case. “NFTs originated as a collector’s item,” he said, taking advantage of existing property laws.
What are the altcoin projects in the NFT space?
So, what are the prominent altcoin projects in the market in question? Apecoin (APE) is one of the largest NFT coins by market value. Then we can show Flow (FLOW), Chiliz (CHZ), Tezos (XTZ) and The Sandbox (SAND).
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.