The National Copyright Administration of the People’s Republic of China (CNAC) plans to increase penalties for unauthorized use of other people’s artwork to create NFTs. Creators of irreplaceable token collections will be prohibited from creating them based on music, animation, games, movies and TV content without the permission of the copyright holder.
Under the special campaign “Jianwang 2022”, strengthen the monitoring of copyright compliance related to innovative technologies. It will also affect the segments of education, sports, news and online streaming platforms.
CNAC believes that regulatory standardization will promote the development of local entrepreneurship and attract international companies to their national markets.
The Jianwan 2022 campaign is jointly led by China’s Ministry of Public Security and the Cyberspace Administration and runs from September to November. Recall that Chinese companies Tencent Holdings, Baidu, JD.com, Ant Group and many others adopted a “self-discipline initiative” in July to combat speculation in the NFT market.
Earlier in the fall of 2021, Tencent and Ant Group changed the term NFT to “digital collectibles”. Other platforms have also deviated from the definition of “non fungable token”.
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