A court in Hangzhou, China has stated that NFT products are a virtual property that must be protected under Chinese law.
The interest of countries in the crypto industry is increasing day by day. In the days when the cryptocurrency market was in pain, they focused on the development side rather than the investment side. Blockchain and NFT have become the focus of institutions and countries. Singapore and South Korea stood out from the countries that worked hard for blockchain. In addition, China is frequently on the agenda in crypto mining and NFT. Finally, a court in China has defined NFT as online virtual property that must be protected by law.
China Court Takes Positive Step About NFT
China’s Hangzhou court has taken a positive step on NFT. Regarding NFT, the court ruled that it has the characteristics of value, rarity, controllability and tradability. In addition, the court underlined that these properties should be protected by law.
The court ruled that the legal qualifications of the NFT collections must be confirmed for a lawsuit. Following this ruling, the court noted that Chinese law did not explicitly stipulate legal qualifications for NFT collections.
Finally, the court confirmed that NFT technology is unique digital assets powered by blockchain. He also stated that he owns the intellectual property rights of the collections.
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