China has released an announcement stating that authorities in the country will now be going after NFT makers with unauthorized works. This comes after the authorities discovered that most traders are illegally hosting and selling other people’s work as their own. With the new update, traders who host and sell other people’s work without prior approval will be arrested and sanctioned. The government is also looking to combat copyright infringement in the NFT sector and other sectors in the country.
The NCAC is teaming up with three other agencies
According to a previous update, the National Copyright Administration in the country has teamed up with other ministries to fight copyright infringement across all social platforms. One of the ways that they have been fighting these illegalities is to ensure close monitoring of all platforms and seek out any material that looks like an infringement.
Other parties working with the administration on this are the State internet information office and the ministry of industry and technology, among others. The statement also noted that the monitoring would not only be on products uploaded on the internet as they would monitor all adverts, videos broadcasts, and information across all commerce websites.
China plans to limit copyright infringement
The NCAC announced that the growing rate of illegal uploads of people’s work had become something that is causing a lot of worries to the creatives in the country. The body noted that most of those found wanting having been entities with innovative technologies in their grasp. This is why the agency wants to focus more on infringement issues across the NFT sector in China. The body has positioned that it will look into monitoring the rate at which traders are uploading art belonging to other people as their own. This way, fewer people would be willing to risk selling pirated products as NFTs across the market.
The body wants to limit copyright infringement by introducing more laws that will take effect across China. With this, there would be fines or jail terms for anybody that goes against these rules and regulations. China has still not made its stance on NFTs known as it has urged platforms to call the digital collectibles instead of the usual non-fungible tokens. In order to bolster that point, there were reports that account holders on WeChat linked to NFTs were being kicked out of the platform.