Hangzhou Internet Court: NFT digital collectibles belong to online virtual property and are protected by law

ChainCatcher news, the Hangzhou Internet Court recently heard a case involving a dispute over an information network sales contract arising from the trading of NFT digital collectibles. The plaintiff, Wang, claimed that he purchased a blind box of NFT digital collectibles released by Company A through the purchasing channel announced in the notice, and paid 999 yuan after filling in his phone number and personal information. However, Company A did not deliver the product and forcibly refunded Wang after 10 days. Wang believed that Company A's actions infringed upon his legitimate rights and interests, so he brought the case to court, requesting that Company A fulfill the contract, and if unable to do so, compensate him for losses of 99,999 yuan. The defendant, Company A, argued that in order to prevent some users from using external software to make abnormal purchases of digital collectibles and to help users better understand the purchasing rules, the platform specifically issued a purchasing announcement before the sale of the product, stating the precautions.

After hearing the case, the court held that the transaction involved NFT digital collectibles, and thus it was necessary to first confirm the legal attributes of NFT digital collectibles. Ultimately, the court concluded that NFT digital collectibles possess characteristics of property rights such as value, scarcity, disposability, and tradability, while also having unique attributes of network virtual property, including virtuality and technicality. Therefore, they belong to network virtual property, and the contract in question does not violate Chinese legal provisions, nor does it contravene the current policies and regulatory guidance aimed at preventing economic and financial risks in China, and should be protected by law. Consequently, the court dismissed Wang's claims. (source link)