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Wednesday, February 1, 2023

Chinese Court Has Decreed That NFTs Are Virtual Property

A Chinese court located in Hangzhou, recently stated that NFT collections were online virtual property- that would find itself protected under Chinese law.

An article posted on the 29th of November by the Hangzhou Internet Court- a specialist internet court- went on to decree that the language of the law regarding NFTs was quite favorable. This does come as a surprise after the country’s stringent crackdown on cryptocurrencies in 2021. When the language was translated, it stated that NFTs simply had the object characteristics which could lead to comprising property rights- such as scarcity, value, tradability, and controllability. The letter of the law also decreed that it belonged to the network’s virtual property and should ideally be protected by the laws that were prevalent in this country. 

Chinese Court Has Ascribed Property Rights To NFTs

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The Chinese court further decided that it was necessary to confirm all of the legal attributes of the digital collection for an NFT for a case- and then went on to admit that the laws in the country did not clarify the stipulations that were attributed to the digital collections. This decree by the Hangzhou court was utilized in a case where the user of a technology platform, sued the platform for refusing to complete a particular sale and also canceled their NFT purchase from a flash sale. And this cancellation was done simply because the user had put up a name and phone number that apparently didn’t match the information that had been provided earlier. 

The Chinese court stated that the NFTs would be condensing the original expression of the art of the creator and also have the value of every related intellectual property right. The law further claimed that NFTs are unique digital assets that have been formed on the blockchain. 

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