Big news from China: On November 29, a court in Hangzhou, China ruled that NFTs are virtual property that must be protected by law.
Blockchain technology has always been a challenge to establish. It threatens to usher in a new dawn of decentralized gaming, finance, and ownership with little control over big money and governments. But the popularity of this new technology cannot be stifled. This has led governments and legacy organizations to adopt a “if you can’t beat them, join them” philosophy as more and more big names jump into the blockchain bonanza.
the future is uncertain
Despite the basin ruling, the court acknowledged that there is currently no legal definition of NFTs in Chinese law.
China has a somewhat troubled relationship with blockchain technology. In June 2022, WeChat, the country’s most popular social network, will Ban on all NFTs and cryptos activity. In 2021, the government also banned cryptocurrency trading and mining.
Since NFTs are built using blockchain technology, many thought they would be banned outright. However, this is still not the case. The government has implemented a Blockchain Services Network (BSN). This takes advantage of the popularity of NFTs to some extent while decoupling them from the cryptocurrencies surrounding them. Issuance and distribution of NFTs is still permitted, but trading is strictly prohibited.
More >> Ultimate NFT Guide
want more? Connect with NFT Plaza
Join our weekly newsletter
Join Discord
follow me on twitter
Like us on Facebook
Follow us on Instagram
*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.

ETH enthusiast and Web3 wonder.