Chinese Court Recognizes NFT Collections are Virtual Property

According to a court in Hangzhou, NFT collections are virtual property, which is protected by the current Chinese law.

According to the ruling, NFTs have property rights characteristics such as value, rarity, manageability, and tradability.

The case concerned the sale by the respondent company of NFT collections. The plaintiff provided the firm with personal information and transferred 999 yuan for the purchase. However, the company did not deliver the goods and returned the money to him a few days later, citing incorrect identification data.

The buyer valued his claims at 99,999 yuan and the court has confirmed the unreliability of the information.

The court has noted that NFT trading is a growing industry and Chinese law does not clearly define the legal attributes of token collections.