- The announcement states that the agency would begin ‘Jianwang 2022’ initiative.
- According to the NCAC, it is a priority to increase its monitoring of the NFT sector in China.
NFTs are an integral part of China’s strategy to combat copyright infringement and internet piracy. The East Asian nation has seen a rise in the amount of piracy committed online, particularly in the form of NFTs made from pirated digital content. In response, the Chinese government has launched a new program to increase monitoring.
In a press statement issued on Friday, the National Copyright Administration of China (NCAC) revealed the news. The announcement states that the agency, together with four other bodies, would begin an initiative called “Jianwang 2022.”
Not Just Restricted to NFTs
The program will generally entail a review of current copyright rules to account for new realities surrounding online piracy. According to the notice, four types of increasing violations in China would be targeted for investigation. Non-fungible tokens (NFTs) are used in one of these contexts.
According to the NCAC, it is a priority to increase its monitoring of the NFT sector in China. The government claims that a number of NFT producers are forging collectibles based on the works of others without proper permission. Art, music, gaming, animation, cinema, and television are all included. The agency pledged to combat this misuse as part of its Jianwang 2022 initiative.
In June, news emerged of a sudden increase in the use of NFTs throughout the nation. According to the studies, the Chinese NFT market expanded by a factor of more than five in only four months. Not only that, but well-known Chinese companies like Tencent and Alibaba filed trademark patents to get in on the NFT frenzy.
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