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China Court Recognizes NFTs As Virtual Property

Court in China Recognizes NFTs as Virtual Property Protected by Law

A court in Hangzhou, China, has ruled that non-fungible tokens (or NFTs) are virtual property under the People’s Republic laws. This ruling is based on a dispute between a customer, and a platform that was hired to sell tokens.

Hangzhou Internet Court Hearing Case Concerning Property Rights over NFTs

A court in Hangzhou (the capital of Zhejiang province in eastern China) has heard a dispute between a client of a digital art platform and a local customer. The platform had cancelled a sale of NFTs for the client. The user sued the company, claiming that the operation was ended without his consent.

The platform issued a refund because of the inaccurate information it received about the plaintiff. According to its know-your-customer procedures, orders placed without real-name authentication should be canceled, an announcement detailed.

The Hangzhou Internet Court stated that NFT collections have the characteristics of property rights, such as value and scarcity, controllability and tradability. However, digital collectibles can only be described as virtual properties. In the statement, quoted by Chinese crypto journalist Colin Wu, also known as ‘Wu Blockchain’ on Twitter, the judicial authority also emphasized:

The contract involved in the case does not violate the laws and regulations of our country, nor does it violate the actual policy and regulatory guidance to prevent economic and financial risks, and should be protected by the law.

The court stated that NFT digital collections are unique digital assets formed on the blockchain based on the trust and consensus mechanism between blockchain nodes. NFT digital collections, which are digital assets created on the blockchain using the trust and consensus mechanism among blockchain nodes , are also unique digital assets.

The Hangzhou court concluded that NFT collections are part of the category virtual property. It stated that the transaction in this case is a business activity that involves selling digital goods via the internet. Accordingly, it should be regulated under China’s E-commerce Law .”

The Chinese government launched a crackdown last year on cryptocurrency-related activities such as the issuance, trading and mining of bitcoins. While NFTs were allowed to be issued by regulators, they were also intended to limit speculation. They are sometimes called “digital collectibles” to avoid being associated with the crypto-space.

In April of this year, reports revealed that the popular Chinese messaging app Wechat is suspending accounts linked to NFTs. And in September, it became known that the National Copyright Administration of China (NCAC) had launched a campaign to crack down on copyright infringement and piracy through digital collectibles.

What future do you expect for NFTs in China? Please share your views on this topic in the comments section below.

Lubomir Tassev



Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

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Yuga Labs’ Acquisition of Proof Fuels Moonbirds NFT Sales Uptick

Friday saw Yuga Labs, known for creating the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) series, unveiled its acquisition of Proof, a notable NFT startup behind the Moonbirds collection. Kevin Rose, founder of Proof, will assume an advisory role within Yuga, and the startup’s team plans to integrate into the Yuga framework…
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Locker Token, Euro Ice Hockey Champs Rogle BK To Hold In-Person NFT Events

press release

PRESS RELEASE. Locker token & Ice Hockey experts Rogle BK announced an In-Real-Life NFT (In-Real-Life) event at the Catena Arena, the home of European champions. This event will showcase NFTs as an innovative asset class and educate Rogle fans about how to use the blockchain to purchase their favorite player trading cards.

The event, due to take place on December 30th, will feature educational content, a free mint for the first 500 fans, and in-person interaction with cryptocurrency experts – The Nordic Whales.

About The Event

Rogle BK fans were the first fanbase able to mint their favourite players and in-game moments via the Locker sports NFT marketplace. With the Locker Token app, the team has the technology to create any NFTs desired by fans. The event was planned in line with the partnership to help blockchain enthusiasts make their first steps.

The event will be hosted and supported by local natives the Nordic Whales, who are located a mere 20 minutes from the stadium. Because they are close to the team, the AMA enthusiasts can provide educational content in English and Swedish.

The first 500 fans are in for a treat upon arrival after scanning the event QR code. This will provide them with a free mint, with a further 6500 being minted on the day that will be made available for purchase. The first 500 will be randomized in terms of rarity.

What is Locker Token?

Locker Token provides an ecosystem that allows athletes and sports teams to futureproof their offerings and monetize them through blockchain. It also connects fans and athletes via a unique asset type. After a successful contract migration, Locker’s ticker $LKT is now listed on CoinMarketCap.

Despite being a relatively new project, the ecosystem features a number of the worlds best Ice Hockey teams and players including; Rogle BK, Manchester Storm, and HC Bolzano. There are more Ice Hockey teams than other sports. The goal is to get each team’s fans to Locker and become engaged buyers and fans.

From a token perspective, the Ethereum price decline of late has dragged the price of $LKT with it due to the closely-connected nature of Locker as an ERC20 token. Despite the market downturn, the team has maintained its efforts to create and build new partnerships.

500 lucky fans will receive a free mint upon scanning a QR code.

About Rogle BK

RogleBK (Rogle Bandyklubb), is a professional Swedish ice hockey team based in Angelholm. The club has featured in the SHL most-recently since the 2015-16 season. Rogle has previously played in the SHL in 1992-1996, 2008-2010, and briefly in 2012-13.

The team is currently in a mixed season and are currently 9th in league standings. They are however on a two-game winning streak, with Adam Tambellini playing a big part in the team’s offensive play with 12 league goals to date.

Mint Rogle BK NFTs today via the Locker Token app for iOS and Android.


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Financie Begin to Prepare for the IEO of Entertainment DAO Project “SUPER SAPIENSS” Led by Yukihiko Tsutsumi and Katsuyuki Motorolahiro

press release

PRESS RELEASE. “SUPER SAPIENSS NFT” Public-Sale on December 24.

Financie, Inc. (headquarters, Tokyo; CEO, Hironao Kunimitsu; hereinafter “Financie”) has commenced to prepare for the IEO (*1) of the entertainment DAO project “SUPER SAPIENSS”. Additionally, “SUPER SAPIENSS NFT” will start a public sale from 24rd December, 6 am(EST) available for anyone.

SUPER SAPIENSS NFT https://supersapienss.com/nft/

SUPER SAPIENSS https://supersapienss.com/

Financie has launched the IEO support business in July 2022 to expand the “community-driven” creator economy. Financie will assist the entity/group in developing and creating the token economy. They will analyze and clarify the risks from the point-of-view of accounting and tax (*2) and prepare the applications to handle newly-issued crypto assets. Financie has a partnership agreement already with Light Inc. for their IEO. They are currently in discussions to Angkor Tiger FC and Iganmu Tiger FC about their IEO.

“SUPER SAPIENSS” is an entertainment project initiated by three directors, Yukihiko Tsutsumi, Katsuyuki Motohiro, and Yuichi Sato, who lead the Japanese entertainment and film industry, and the producer Takeshi Moriya, known for “Midnight Swan” and other films, to carry out the entire process from creation of the original work to its visualization. Since the launch of the project on FiNANCiE in January 2022, it has been active with the co-creation community in the production of original videos and webtoons, and the NFT. Financie supports the issuance “SUPER SAPIENSS”, crypto assets token. This will allow “SUPER SAPIENSS” token economy to grow beyond FiNANCiE.

*1 IEO stands for “Initial Exchange Offering”. Token offerings can be made through exchange platforms. Before a sale is initiated, there are many checks and due diligence. Tokens can be used to raise funds and to create and strengthen communities.

*2 Financie does not provide professional advice based on the Lawyers Act, the Certified Public Tax Accountants Act, etc.

[(Outline of Public Sale)]

Target: Anyone can purchase on the Mint website (first-come-first-served basis)

Period:

2022/12/24 6 am ~ 2022/12/25 6 am (EST)

2022/12/24 11 am ~ 2022/12/25 11 am (GMT)

2022/12/24 3 am ~ 2022/12/25 3 am(PST)

Quantity: 500 + the amount not sold out in the Pre-Sale at the Minting site (no limit of mints / up to 5 mints at a time)

Payment method: ETH payment

Remarks: The management will keep the unsold items and use them for burn or future development to avoid selling pressure.

Purchase Page:https://supersapienss.com/nft/

[(Comments from the producers)]

#Takeshi Moriya, SUPER SAPIENSS Producer

“I’m very excited to begin the preparations for IEO.

We have been engaged in various activities as SUPER SAPIENSS for about a year, and it has passed so fast.

Starting with the community creating onFiNANCiE platform, we organized and commenced actor auditions, the Japan tour of “SUPER SAPIENSS THE BEGINNING,” which is led by members of the community, and NFT and WebTOON, that is now being launched. Through such activities, we hope to create new entertainment opportunities.

In preparation for the IEO, we are considering various measures linked to the community tokens in FiNANCiE, and NFT holders, so that we can create an entertainment which everyone from all over the world can enjoy’.

#Hironao Kunimitsu, CEO, Financie, Inc.

“I believe the success of this SUPER SAPIENSS IEO will be very important for NFT’s future. We will try our best to achieve it.

As the one and only Web3 platform provider in Japan, Financie will continue to support the formation and expansion of the token ecosystem through its token-issuing crowdfunding service “FiNANCiE”, NFT business, and IEO support business, in order to achieve its corporate vision of “Empowering the next billion dreams”‘.

About Financie, Inc.

Financie, Inc. provides the businesses that support the formation of communities and ecosystems using tokens, including FiNANCiE, a token-issuing crowdfunding service that utilizes blockchain, NFT business, and IEO support business. Currently, more than 180 sports teams, entertainment projects, and individuals have issued/sold/operated their own tokens on FiNANCiE. Japan’s only Web3 platform, which supports the creation and expansion of token ecosystems in an integrated way, will be established.

FiNANCiE|FiNANCiE https://financie.jp/

App: App Store (Supported OS: iOS 14.0 and above)

https://apps.apple.com/jp/app/financie/id1470196162

App: Google Play (Compatible OS: Android 6.0 and above)

https://play.google.com/store/apps/details?id=jp.financie.ichiba


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