NFTCN Marketplace Sued in China for Selling NFTs with Copyright Infringement

A Chinese court has found the NFTCN NFT marketplace guilty of failing to verify the NFTs it sells for uniqueness and copyright compliance.

In the city of Hangzhou, an interesting legal precedent emerged during a recent trial. The company behind the popular NFT marketplace has been accused of not doing enough due diligence on items for sale.

The lawsuit against NFTCN's parent company, BigVerse, was filed by Shenzhen-based Qice. It says that one of the platform's users took an image of a cartoon tiger created by artist Ma Qianli, digitized it, turned it into an NFT, and sold it for 900 yuan (the equivalent of $137).

 

 

The court reviewed the evidence, during which NFTCN received a warning for facilitating copyright infringement. And the parent company BigVerse was forced to pay a fine in favor of Qice in the amount of 4,000 yuan ($611), as well as burn the NFT involved in the case.

Recall that China refrains from completely banning the industry of non-fungible tokens. However, the authorities look at the NFT with disapproval. Investors are warned about the hidden risks of investing in these assets. And, as we see in the example of the above case, they are really present.

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