China Prevents Piracy Through NFT

NFTs are a part of China’s campaign to combat online piracy and copyright violations. The nation of East Asia has become aware of the rise in online piracy, including the illicit use of others’ digital works to produce NFTs. Chinese authorities are starting a new push to promote monitoring in order to combat this.

The development was disclosed in an official news statement issued by The National Copyright Administration of China (NCAC) on Friday. In coordination with four other agencies, the agency will launch a project called “Jianwang 2022,” according to the press release.

In order to address the new realities surrounding online piracy, the project will typically involve a review of current copyright laws. According to the release, this examination would focus on four areas where China is increasingly violating international law. Non-fungible tokens (NFTs) are one of these areas.

The NCAC stated that it wants to improve its oversight of the NFT market in China. The organization claims that some NFT makers regularly mint their collectibles utilizing the efforts of others without getting proper permission.

Art, music, games, animation, cinema, and television are a few examples of these creations. The bureau stated that it would use the Jianwang 2022 campaign to fight this abuse.

In addition to NFTs, the NCAC will consider other abuse-related topics. Unauthorized use of other people’s literary creations for information sharing and the creation of internet accounts are examples of this type of misuse. The review will also take a look at copyright regulations for media like movies, audiobooks, and the like.

“China remains one of the most hostile nations to the cryptocurrency industry. Though it has not outright banned NFTs, the country prohibited its issuance in the form of financial instruments in April. Often referred to as digital collectibles in the country, NFTs have seen a rapid adoption rate in China.”

In June, reports of a sharp increase in NFT usage in the nation arose. According to the studies, the Chinese NFT market expanded more than five times in just four months. In addition, well-known Chinese companies like Tencent and Alibaba applied for trademark patents in an effort to cash in on the NFT frenzy.

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