A Chinese court has ruled in favor of minting stolen NFT images

A court in Chinese city Hangzhou has ruled against the non-fungible token (NFT) market for allowing users to create (or mint) NFTs by stealing.

As reported by the South China Morning Post, the court ruling on the NFT business was made after the Shenzhen Qice company sued NFTCN parent company BigVerse.

The lawsuit alleges that an NFTCN user stole a painting by Ma Qianli, a Chinese artist who specializes in drawing and printing. An NFT platform user has been accused of stealing one of Ma’s creations from the cartoon image.

As evidence has been documented, the court found that the NFTCN platform violated the denial of intellectual property (IP) fraud or theft prior to allowing users to mint NFTs . As a result, NFTCN was accused of facilitating violations of the owner’s “right to publish activities by information”.

The artwork in question is a lion vaccination, which sells for $ 137 (approximately 900 Chinese yuan) for an unknown user on the NFTCN platform. However, BigVerse was fined $ 611 (or 4,000 Yuan) for Qice in addition to banning NFT around stolen photos by sending them to “live food”.

Eater address stops NFT exchanges as they are non-address private – works much like writing in cryptocurrencies. Despite China’s strict protection of the cryptocurrency ecosystem, the country refuses to ban NFTs.

While China has banned the ban on NFTs despite being strong against cryptocurrencies, our leader in China has issued public warnings about the “hidden risks” of investing in cryptocurrencies. tokens or NFTs.

The department – China Banking Association, China Internet Finance Association and Securities Association of China – has launched proposals to support innovation in the cryptosphere and blockchain focus on NFTs, including the “NFT Decision” financial and security “to reduce. dangerous around crime.

The government has also warned the public not to use Bitcoin (BTC) and other cryptocurrencies such as Ether (ETH) or Tether (USDT) to sell or buy NFTs.

READ MORE:

Follow us on social networks

Follow our profile on Instagram and not phone to receive news for the first time!

Leave a Comment