NFTs are an essential component of China’s overall plan to fight infringements of copyright and piracy on the internet. The East Asian country has experienced an increase in the amount of piracy that is perpetrated online, notably in the form of NFTs that are produced from digital material that has been stolen. In response, the government of China has initiated a whole new initiative to step up the amount of surveillance being done.
The information was disclosed by the National Copyright Administration of China (NCAC) in a press release that was distributed on Friday. According to the release, the organisation, together with four other organisations, is going to start an effort that is going to be dubbed “Jianwang 2022.”
In principle, the initiative will include a review of the existing copyright regulations in order to take into consideration the new realities surrounding internet piracy. The notification said that four categories of increasingly problematic infractions in China will be the focus of the next inquiry. In one of these scenarios, non-fungible tokens, also known as NFTs, are utilised.
The NCAC has identified an increased focus on monitoring the NFT industry in China as a top goal for the organisation. The government asserts that a number of NFT producers are illegally producing collectibles that are based on the works of others without obtaining the necessary permissions. There will be representation from the worlds of art, music, gaming, animation, film, and television. As part of its Jianwang 2022 project, the organisation has committed to working to stop the overuse of this term.
The unexpected rise in the use of NFTs throughout the country was brought to public attention in the month of June. According to the research, the market for NFTs in China grew by a ratio of more than five in only four months. In addition to this, well-known Chinese corporations like as Tencent and Alibaba have submitted trademark patent applications in an effort to cash in on the buzz around NFTs.