National Policy of Digital Collection

Domestic restrictions on the distribution and circulation of digital collections emphasize their artistry and originality, which lays the foundation for the healthy growth of the future market scale of such digital collections.

On the other hand, stricter supervision and regulation have gradually become the norm, especially for digital collection platforms that open the secondary market. In the future, consignment, reselling and speculation may be explicitly prohibited, and donations will be strictly restricted. The launch of the digital collection platform will require qualification certificates, and the issuance of digital collections may need to be reviewed and filed.

On April 13, 2022, China Internet Finance Association, China Banking Association and China Securities Association jointly issued the "Initiative on Preventing NFT-related Financial Risks", which clearly pointed out that we should fully support the value of NFT products, guide consumers to rational consumption, and prevent inflated prices from deviating from the basic law of value. Resolutely curb the tendency of NFT financial securitization and strictly guard against the risks of illegal financial activities.

On April 26th, 2022, the Meta-Universe Industry Committee of China Mobile Communication Federation and the Blockchain Professional Committee of China Communication Industry Association jointly issued the "Self-discipline Requirements on Standardizing the Healthy Development of Digital Collection Industry", pointing out that digital collection industry is one of the representative fields of Meta-Universe at this stage, which is of great significance for promoting cultural information consumption, promoting the digital transformation of cultural and creative industries, enhancing cultural soft power and boosting the development of digital economy.

On June 17, 2022, the inaugural meeting of the National Ecological Matrix for the Governance of Creative Norms of Digital Culture and the launching ceremony of the National Alliance Chain for the Protection of Copyright Transactions were held, and the Convention on the Governance of Ecological Matrix for Creative Norms of Digital Culture (hereinafter referred to as the Convention) was issued at the meeting. This conference and related documents have more comprehensively standardized digital collection, pointed out the development direction, and also indicated that the market is gradually on the right track.

On June 30, 2022, under the leadership of China Cultural Industry Association, nearly 30 institutions jointly launched the "Self-discipline Development Initiative of Digital Collection Industry" in Beijing, in which opposing secondary trading and speculation and improving access standards became the core of high-quality development of the industry. Stripping financial digital collection and returning to creative products may make enthusiastic investors return to rationality.

Legal basis:

Article 497 of the Civil Code stipulates that if the party providing a standard clause unreasonably exempts or lightens its responsibility, aggravates the other party's responsibility or restricts the other party's main rights, the standard clause is invalid.

Paragraph 2 of Article 26 of the Law on the Protection of Consumers' Rights and Interests: "Operators shall not make unfair and unreasonable provisions to consumers, such as excluding or restricting consumers' rights, reducing or exempting operators' responsibilities, and aggravating consumers' responsibilities, by means of standard clauses, notices, statements, shop notices, etc. , shall not use format terms and technical means to force transactions. "