NFTs as 'digital collectibles' have somewhat steered clear of China's ban on crypto. Now, the highest legal prosecution agency of the country is warning NFT collections share the same risks as virtual assets. iamsandali reports.
as"digital collectibles," that didn't fall into the same basket as high-risk crypto. But the prosecution agency's new report warns otherwise.
"While it has high popularity, it is very likely to cause financial risks, management risks, network security risks, etc., especially the legal risks. Prosecutors are paying close attention," the report from Monday said. NFTs attach a unique digital identifier to virtual or real items, that allows proof of ownership to be recorded on a blockchain. China's prosecution agency argues owners cannot really"enjoy" the ownership, particularly of digital art, which can still be replicated and distributed.
"From the perspective of property rights, consumers do not enjoy the ownership of the NFT digital assets they purchase in the sense of civil law, and consumers cannot prohibit others from accessing, copying or disseminating the digital assets mapped by NFT," one author of the report said."What consumers enjoy is only an exclusive right to prohibit others from tampering with the ownership of the NFT recorded on the blockchain.
"As a new application of blockchain technology, NFT has certain development potential," the prosecution agency said.
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