3d concept NFTs can be used to commodify digital creations, such as digital art, video game items, and music files.

Chinese Marketplace BigVerse Found Guilty of Minting NFTs From Stolen Artwork

Hangzhou court held BigVerse liable for damaging a user’s stolen NFTs.

A court in the city of Hangzhou held NFTCN’s parent company BigVerse liable for allowing a user to print stolen NFTs.

The court accused the Chinese digital art trading platform of not being sure whether the user who printed the NFT actually had rights to the work.

Weekly NFT sales

NFT Artwork Theft

The court ruled that NFTCN was at fault for allowing infringement of the author’s “right to disseminate works through information networks.”

It was opened by Shenzhen-based company Qice. He stated that he listed a non-tradable coin along with an artwork made by Ma Qianli. According to the report, the piece was sold by an anonymous person for $137.

He ordered BigVerse to pay Qice a $611 fine and send the NFT to a protected wallet called the “eating wallet.”

The court stated that BigVerse is responsible for moderating its users who violate customers’ rights as it profits from such transactions. It also recommended that the NFT marketplace set up a copyright review mechanism to look at artworks uploaded to its platform by users.

Chinese messaging app WeChat has announced that it has suspended several accounts linked to NFTs to prevent speculation in digital assets.

China’s NFT Ecosystem

Although Chinese regulators are not happy with this situation, the NFT market is still active.

NFTs were legal in the country but speculation and trading transactions were prohibited.

Companies such as Alibaba, Tencent, and JD allowed the buying or selling of NFTs. But they are prohibited from trading or reselling their purchases.

China’s state-backed blockchain infrastructure Blockchain Services Network (BSN) has launched its NFT plans. He teamed up with Neo to create Jiuquan, a permissionless chain, to speed up the process.

Related : Fidelity Unveils Metaverse Experience In Conjunction With New ETFs

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

Check Also

Bored Apee

No Monkey Business for Bored Apes as Token Collection Hit All-Time High

What's in this article1 Interest in Bored Apes boosted2 Appearance at MTV awards According to …

Leave a Reply

Your email address will not be published.