Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => NFTs & Collectibles => Topic started by: Adams-Richard on December 05, 2022, 10:46:55 AM
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(https://i.postimg.cc/d1hntFWp/China-NFTs-1000px-v2.jpg)
Image from Gammalaw
Nfts has completely overtaken the business world in recent years. Whether it be in the fields of technology, music, real estate, or sports, NFTs have helped various sectors achieve ground-breaking accomplishments. Considering how rapidly the market for NFTs is growing, more and more individuals are getting interested in the power and potential that these Web3 assets may offer the world. As a matter of fact, some individuals even state that they are in favor of the deployment of NFTs that are not crypto and are purchased with fiat currency.
NFT Collections Are Virtual Property
On November 29, it was made public that a Chinese court in Hangzhou had ruled that nonfungible token (NFT) collections are forms of online virtual property that ought to be protected by Chinese law.
An online essay that cryptocurrency blogger Wu Blockchain shared claims that NFTs are network virtual properties that should be protected by national laws since they exhibit the basic characteristics of property rights, such as value, scarcity, controllability, and tradeability. The court acknowledged that Chinese laws do not currently expressly stipulate the legal attributes of NFT digital collections and decided it was necessary to confirm those attributes in order to proceed with a case.
The court stated: "NFTs have the value of relevant intellectual property rights and condense the creator's original expression of art." NFTs are "unique digital assets produced on the blockchain based on the trust and consensus process between blockchain nodes," the statement continued.
Due to this, the court ruled that "NFT digital collections belong to the category of virtual property" and that the transaction in question is considered to be the "selling of digital goods through [the] internet," which is considered to be an e-commerce business and is "regulated by the 'E-commerce Law'".
It comes after the Shanghai High People's Court declared in a paper published in May that despite the nation's ban on cryptocurrencies, Bitcoin is similarly governed by property rights rules and regulations.
Closing Thoughts
While the Chinese government is still opposed to allowing crypto transactions, It's good to know that China has made efforts to decouple NFTs from crypto by supporting the deployment of non-crypto NFTs paid for with fiat money.
How about you guys, what do you think of the Hangzhou court's decision to rule in favor of NFT ownership? Do you anticipate other countries taking a similar stance? Thank you for reading and I appreciate your thoughtful responses. As always, keep it classy and civilized!