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China To Crack Down On Copyright Infringement Through NFTs

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China To Crack Down On Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments.

Regulators in China Move to Strengthen Copyright Supervision of Online Platforms

The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic.

A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press release on Friday.

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The NCAC is especially worried about growing problems with copyright protection stemming from the activities of a vast number of entities operating with innovative technologies. One of the areas where the watchdog wants to increase oversight is the issuance of non-fungible tokens (NFTs).

The authority said it plans to “severely crack down on the unauthorized use of other people’s works of art, music, animation, games, film, and television to create NFTs, make digital collections and sell pirated scripts through the Internet.”

The agency is convinced that progress in that direction can be made by strengthening the entire online copyright chain, promoting regulatory standards and imposing penalties. It insists this would accelerate the establishment of a market-oriented, legalized and international business environment, and provide the copyright support needed to stimulate entrepreneurship and innovation.

While allowing their issuance, China has been trying to curb speculation with NFTs. Tech giants like Tencent and Ant Group have cooperated with Beijing and distanced themselves from the crypto-related term “non-fungible tokens,” opting for the more generic “digital collectibles.” In April, reports indicated that the popular Chinese messaging app Wechat is suspending accounts linked to NFTs.

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Art, China, chinese, Copyright, copyright administration, Copyright Infringement, Crypto, Cryptocurrencies, Cryptocurrency, music, NCAC, nft, NFTs, non-fungible, online platforms, Oversight, penalties, supervision, Tokens, Video, watchdog, works of art

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Do you think China will be able to limit copyright infringement related to non-fungible tokens? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Leading Auction House Christie’s Launches Web3 And Fintech Venture Arm

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Leading Auction House Christie’s Launches Web3 And Fintech Venture Arm

On Monday, Christie’s, the leading British auction house founded 256 years ago in 1766, announced the launch of a new venture fund called Christie’s Ventures. According to the announcement, the company’s venture arm plans to focus on “[Web3] innovation, art-related financial products and solutions, and technologies that enable seamless consumption of art.”

Christie’s Ventures to Foster ‘Web3 Innovation, Art-Related Financial Products’

The British auction house Christie’s has revealed a new venture fund that aims to support “emerging technology and fintech companies.” The firm said that it plans to work in unison with its portfolio startups in order to accelerate growth and push Christie’s activities into innovative directions.

“Christie’s Ventures will start by exploring three broad categories,” the company said on July 18. “[Web3] innovation, art-related financial products, and solutions and technologies that enable seamless consumption of art.”

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With premises located in London, New York City, and Hong Kong, Christie’s is the largest second-largest auction house in terms of auction turnover behind Sotheby’s and above the auction firm Phillips and China Guardian.

Christie’s has been into digital currency and blockchain solutions for some time now. In September 2020, the auction house sold the first bitcoin artwork ever when Christie’s presented Block 21 of “Portraits of a Mind.”

The following year, the auction house accepted bitcoin (BTC) for a painting worth $6 million. The painting was crafted by Keith Haring and sold at Christie’s “20th/21st century” sale in London.

For some time now, Christie’s has been auctioning blue-chip non-fungible tokens (NFTs) and was the auction house behind Beeple’s “Everydays: The First 5,000 Days” NFT that sold for $69.34 million. Christie’s has been behind auctions featuring Cryptopunks, Meebits, and Bored Ape NFTs, alongside a full set of NFT Curio Cards.

In addition to Christie’s, auction house competitors Sotheby’s and Phillips have stepped into the crypto and NFT space as well. As far as Christie’s new venture arm is concerned, the auction house’s first portfolio company is a startup called Layerzero Labs.

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According to Christie’s, “Layerzero is a cross-chain interoperability company with a strong vision and business model within a broad addressable market. The company reduces friction in a client’s ability to move assets between blockchains.”

Christie’s press release highlights that the company has been involved with technological innovation for years now and was one of the first international auction house companies to offer online auctions.

“Christie’s multi-site auction live streaming, augmented reality tools, support for NFT digital art, and award-winning digital marketing has made the business more accessible and resilient,” the company said on Monday.

“As a global leader in the art market, Christie’s has both an incentive and a responsibility to further innovation and deepen experiences for our clients,” Ben Gore, Christie’s chief operating officer said in a statement. “The intersections of technology and financial products are increasingly relevant and prevalent, and we believe strongly in the opportunities ahead.” Gore added:

For the companies we select to work with, as well as for our clients, the Christie’s Ventures value proposition combines the power of our brand and capital together with our network and expertise; it is another example of the formidable Christie’s advantage.

Christie’s follows the launch of “Sotheby’s Metaverse” which was launched in October 2021 and featured artists like Paris Hilton after the platform opened. The newly appointed global head of Christie’s Ventures, Devang Thakkar, believes the auction house is in a good position to provide growth to technologically innovative ideas and startups.

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“Our leadership has provided us with an excellent vantage point thus far and the launch of Christie’s Ventures will allow us to develop further and faster with entrepreneurs who have a strong track record of building great products and companies,” Thakkar remarked during the announcement.

What do you think about the newly launched Christie’s Ventures? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Tobias Arhelger / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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