- The announcement states that the agency will start the “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 online piracy. The East Asian country 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 launched a new program to increase surveillance.
In a press release issued last Friday, Dr National Copyright Administration of China (NCAC) broke the news. The announcement states that the agency, along with four other bodies, will launch an initiative called “Jianwang 2022.”
Not just limited to NFTs
The program generally entails a review of existing copyright rules to take into account new facts surrounding online piracy. According to the notice, four types of growing abuses in China will 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 counterfeiting holdings based on the work of others without proper permission. Art, music, games, animation, film, and television are included. The agency pledged to combat misuse as part of the Jianwang 2022 initiative.
In June, news emerged of a sudden increase in the use of NFTs across the country. According to studies, the Chinese NFT market has expanded by more than five in just four months. Not only that, but well-known Chinese companies such as Tencent And the Ali Baba Trademark patents filed to usher in the NFT craze.
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