According to reports, an NFTCN user allegedly stole an artist’s creation and sold it for $137.
A nonfungible token (NFT) marketplace in Hangzhou, China, received a one-of-a-kind ruling from a court for allowing a user to produce (or mint) NFTs using stolen artwork.
According to the South China Morning Post, Qice, based in Shenzhen, sued and won against BigVerse, NFTCN’s parent company.
An NFTCN member who used the service allegedly stole Chinese artist Ma Qianli’s copyrighted, according to the lawsuit. A user of the NFT platform is a suspect of stealing one of Ma’s cartoons from the NFT platform.
Forgery and intellectual property (IP) theft occurred on the NFTCN platform before to its approval to mint NFTs. Thus, some claim NFTCN facilitates infringements on the right of owners to distribute their works via information networks.
An unidentified bidder paid $137 for the image of a hilarious tiger receiving a vaccine. In addition, BigVerse will send Qice a 4k yuan fine for stealing NFT’s artwork to an alternate address.
NFT Transfers Impossibility
Due to the lack of private addresses in Eater addresses, transferring NFTs is impossible. There is a sense of apprehension in China about NFT bans despite the country’s strong approach to the crypto industry.
The Chinese government has not enforced a total ban on NFTs despite their strong stance against crypto. However, in a joint public statement, three Chinese authorities warned of the “hidden risks” of investing in nonfungible tokens.
For the sake of reducing risks associated with criminal operations, China’s banking, internet, and securities associations all launched new programs. This is to promote innovation in the crypto and blockchain arena, with an emphasis on non-fungible tokens (NFTs).
The authorities have warned citizensns not to buy or trade NFTs with Bitcoin (BTC), Ether (ETH), or Tether (USDT) (USDT).