Prominent Media Outlet Shangyou News Interviews Lawyer Liu Zhengyao: How to Address the Chaos in the NFT Market?

Clarify the legal nature and trading rules of NFTs, and establish access mechanisms and regulatory authorities

As China strengthens its regulation of the blockchain and virtual currency industries, NFT digital collectibles have emerged from numerous sectors to become one of the hottest Web3.0 industries in China. For a time, a large number of NFT digital collectible works appeared on many domestic social media platforms, with both primary and secondary markets experiencing significant enthusiasm. However, due to the lack of clear laws and regulations governing the field of NFT digital collectibles in China, the quality of various digital collectibles has been uneven, leading to widespread chaos within the industry.

When the bubble bursts, those swimming naked are inevitably exposed. As enthusiasm for the NFT digital collectibles industry gradually cools globally, domestic NFT digital collectibles have also faced a downturn, with frequent incidents of failures and scandals, resulting in numerous disputes involving NFT digital collectibles in China. In response to this phenomenon, Lawyer Liu Zhengyao of Mankun Law Firm was interviewed by reporters from Shangyou News, a prominent domestic media outlet, to provide legal insights and recommendations on the topic of "Chaos in the Domestic NFT Digital Collectibles Market" from a compliance perspective.

Shangyou News is a national comprehensive news media platform based in Chongqing, dedicated to providing timely and comprehensive news reporting and information services. With its professional news editorial team and unique reporting perspectives, Shangyou News provides readers with diversified news content, including social hotspots, financial dynamics, technological innovations, and cultural entertainment.

During the interview, Lawyer Liu Zhengyao emphasized that although the NFT digital collectibles market offers new business opportunities, it has also exposed a series of problems, including excessive speculation and technical management loopholes, which expose investors to high risks. Meanwhile, he suggested: "To regulate the digital collectibles market,it is necessary to further improve the legal framework and clarify the legal nature and trading rules of digital collectibles. First, it is essential to ensure clear copyright ownership of digital collectibles to prevent copyright disputes and infringement; second, detailed trading rules must be established to ensure that the issuance, trading, and transfer processes of digital collectibles are transparent and lawful." Lawyer Liu Zhengyao also pointed out thatestablishing access mechanisms and specialized regulatory authoritieswould be an effective way to protect investors' rights and interests and combat illegal financial activities; requiring digital collectibles platforms to regularly disclose operational information and financial status can increase market transparency and safeguard the legitimate rights and interests of investors.

Mankun Law Firm, asa boutique law firm specializing in the new economy and deeply engaged in the blockchain industry, has consistently focused on the development of the NFT digital collectibles industry since its establishment, striving to provide legal support for the standardization and sustainable development of this market. Leveraging the exceptional professional capabilities of its legal team and its deep understanding of Web3.0, Mankun Law Firm is helping domestic NFT digital collectible projects and platforms achieve compliance through legal assistance and content dissemination. Meanwhile, lawyers at Mankun Law Firm are continuously expanding into more Web3.0 sectors to ensure the provision of high-quality legal services to individual users and projects. With in-depth research and practical experience in the blockchain industry, Mankun Law Firm has become a trusted legal advisor in the industry, contributing to the healthy development of the digital economy.

Special Disclaimer:

This article is an original work by Mankun Law Firm and represents only the personal views of the author. It does not constitute legal consultation or legal advice on specific matters.

Prominent Media Outlet Shangyou News Interviews Lawyer Liu Zhengyao: How to Address the Chaos in the NFT Market?

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