The National Copyright Administration of the People's Republic of China (CNAC) intends to tighten the penalties for unauthorized use of other people's works of art to create NFTs.
Authors of collections of non-fungible tokens will be prohibited from creating them based on music, animation, games, films, and television content without the permission of the copyright holder.
Strengthening supervision of copyright compliance in the context of innovative technologies takes place as part of a special action "Jianwang 2022". It will also affect the segment of educational, sports, news, and online streaming platforms.
CNAC is convinced that the standardization of regulation will give impetus to the development of local entrepreneurship and attract international business to the country's market.
The Jianwang 2022 campaign is held jointly with the Ministry of Public Security and the Cyberspace Administration of the People's Republic of China and will run from September to November.
Recall that in July, Chinese tech giants Tencent Holdings, Baidu, JD.com, Ant Group, and several other companies adopted a “self-discipline initiative” to combat speculation in the NFT market.
Before this, in the fall of 2021, Tencent and Ant Group changed the term NFT to "digital collectibles". Other platforms have also distanced themselves from the definition of "non-fungible tokens".