NFT市场发展法律问题问答

Q1:How do NFTs differ to cryptocurrencies?

NFT和加密货币有什么区别？

A:Simply speaking, NFTs is a non-fungible token, while FT is a fungible token. Technically, they are both cryptocurrencies. However, NFTs can be associated with specific metadata and become various digital products or digital commodities, while FT is mostly used as currency or securities.

简单地说，NFT是一种非同质化令牌/代币，而FT是一种同质化令牌/代币。从技术上说，他们都是加密货币。但是NFT能与特定的元数据相结合而成为多样性的数字产品或者说数字商品，但FT很多时候被当成货币或证券使用。

Q2:To what extent is keeping financialization away from NFTs the key to the long-term success of NFTs in China?

在多大程度上说，让NFT远离金融化是NFT在中国获得长期成功的关键？

A:In this regard, China's regulatory policy is consistent with the logic of other countries or regions in the world, that is, if the issuance and trade of NFT meets the characteristics of financial instruments such as securities, fund shares and securitization products, it must be regulated in accordance with the requirements of financial regulation.

关于这方面，中国的监管政策内在逻辑与世界上其他国家和地区是一致的。那就是，如果NFT的发行和交易符合金融工具的特征比如证券、基金份额或其他证券化产品，那么就必须符合金融监管的规定。

Q3:What are the legal issues that need to be understood in the development of NFTs in China?

中国发展NFT业务需要了解哪些法律问题？

A:Generally speaking, it includes these aspects:

I. The legal issues of information and data related to data processing, network security and personal information protection;

II. The legal issues related to intellectual property rights such as copyright, trademark, patent and trade secret, as well as other civil rights such as portrait right and virtual property right;

III.Fund-raising, deposit collecting Financial transactions and other related legal issues of financial supervision.

通常来说，主要包括这些方面，

一是有关数据和信息处理、网络安全和个人信息保护等方面的法律问题；

二是有关知识产权比如版权、商标、专利、商业秘密，以及其他一些民事权利包括肖像权、虚拟财产等方面的法律问题；

三是融资、吸收存款以及其他与金融监管方面的法律问题。

Q4:What are the key issues in NFT platform compliance in China?

中国的NFT平台合规方面的主要问题是什么？

A:As a platform compliance, the three issues mentioned above are very important. If these issues are not handled well, they may lead to civil, administrative and even criminal liabilities. Relatively speaking, compliance with financial regulatory requirements may be slightly more important.

作为一个合规平台，刚刚提到的三个法律问题都是非常重要的。如果这些问题不能很好地处理，可能会导致民事、行政和刑事法律责任。相对来说，金融监管方面的合规稍微更重要一些。

Q5:To what extent is the Chinese government involved in NFTs?

中国的政府机构在多大程度上关注NFT？

A:From personal observation, the potential of NFT products in stimulating market in cultural and creative works such as digital works of art, cultural and Expo resources has attracted the attention of relevant government agencies.

从我的个人观察来看，NFT产品在文创产品如数字艺术品、文创和博物馆资源方面的市场潜力确实吸引了一些与政府有关的机构的注意力。

Q6:What are the advantages and disadvantages of the China system with regards to creating an NFT market?

在创建NFT市场方面，中国市场的主要优势和劣势是什么？

A:There are many advantages, including China's rich cultural and creative resources and application scenarios, a relatively broad market, and a relatively sound market system composed of manufacturing, software, creative services and other related industries;

The disadvantage is that at present, too much attention is paid to games and entertainment, and the combination with physical application scenarios is far from enough;

The application mode is still relatively single. At present, many pictures are only used to simply determine the ownership;

There is indeed excessive anticipation in the specific issuance process.

 In addition, we need to further improve the benign interaction between the regulatory mechanism and the market demand.

有很多优势，包括中国丰富的文创资源和应用场景，相对广阔的市场和包括制造业、软件业、创意服务业以及其他相关产业在内的相对健全的市场体系。

目前来说不足之处是，我们在游戏和娱乐产业方面投入了太多的注意力，而与其他实体产业场景结合关注度不够；

应用模式仍然相对单一，目前，很多的图片只能用于表明所有者；

在具体发行过程中确实存在过分投机炒作的情况。另外，市场需求与监管规范之间的良性互动机制需要进一步完善。

Q7:To what extent do NFTs/digital collectibles differ in China, compared to the rest of the world?

中国的NFT产品/数字藏品与境外的NFT有什么区别？

A:At present, the main difference is that the NFT products issued by many Internet platforms in China are mainly issued based on alliance chain or so called non-public chain, while many overseas are issued based on public chain and traded through smart contracts, but the NFT technical protocols on which they are based are basically similar.

I personally believe that NFT is a technical tool for commodity digitization. From the legal nature, NFT is a digital product and commodity with use value.

If we understand the application and supervision of NFT products from this perspective, it is possible to get through the application modes at home and abroad.

目前主要区别是，中国很多互联网平台发行的NFT产品主要是基于联盟链发行，而境外很多是基于公链发行且通过智能合约进行交易，但是其所依据的NFT技术协议基本上是类似的。

我个人认为，NFT是商品数字化的技术工具，从法律性质上说NFT是一种数字产品和具有使用价值的商品，从这个角度去理解NFT产品应用和监管，境内外是有可能打通的。

Q8:What are the future prospects for NFTs? Both in China and around the world?

NFT的前景如何，包括在中国和在全世界？

A:Whether in China or outside, the development of digital economy has become an inevitable trend. Like many other countries in the world, China is committed to promoting the digital transformation of economy and society.

NFT is a technical tool for commodity digitization, a technical tool for digital content production and cooperation in the future, and a technical carrier for forming a healthy data equity system and allowing data to be owned by users. It has broad prospects in the future.

不管是在中国还是全球，数字经济的发展已经是必然趋势，中国和世界上很多其他国家一样在致力于推动经济和社会的数字化转型。NFT是商品数字化的技术工具，是未来进行数字内容生产协作的技术工具，是形成健康的数据权益体系让数据归用户所有的技术载体，在未来具有广泛的前景。

Q9:To what extent is there a risk of an “NFT bubble”?

存在多大程度上的NFT泡沫？

A:The general emerging application mode will produce bubble. As far as NFT is concerned, the main reason for the emergence of bubbles is that they do have broad prospects and attract large amounts of capital and investment.

On the other hand, their technical protocols, application models, application scenarios and industrial ecology are not perfect enough.

一般新兴应用模式都会产生一定程度的泡沫。就NFT而言，产生泡沫的主要原因是一方面确实拥有广泛的前景，吸引大量的资金和投入，另一方面其技术协议、应用模式、应用场景、产业生态都还不够完善。

Q10:How do you see the China NFT market developing over the next five-to-10 years?

您如何看待五到十年后的中国NFT市场？

A:It's usually hard to predict. The development of NFT market is closely related to the digitization process of the whole society.

From a personal point of view, NFT products will gradually replace traditional digital products in some fields in five years, and most fields may be replaced in ten years.

一般做预测都很难。NFT市场的发展与整个社会数字化进程紧密相关。就个人观点而言，五年后NFT产品将在一些领域逐渐取代传统数字产品，十年后可能会基本完成所有取代。

Q11：Are there any other key legal questions or issues around NFTs that people should be aware of?

有没有其他人们必须意识到的与NFT有关的关键性法律问题？

A:We should realize that digitization is irreversible. In the future, we will slowly accept that NFT is a daily commodity in Metaverse, but it is still far from reality currently. There is still a long way to go in technology, application and industry, including legal norms.

Whether as users or entrepreneurs, we should participate carefully on the basis of full learning.

我们要意识到，数字化已经不可逆转，未来我们会慢慢接受NFT是元宇宙中的日常用品，但是现在还离现实很远，技术、应用、产业包括法律规范都还有很长距离，不管是作为用户或企业家要在充分学习的基础上谨慎参与。

张烽律师就NFT市场相关法律问题于2022年3月应邀接受Patrick Body，Editor at SinoMedia采访，本文是对相关回复整理。

张烽，万商天勤律师事务所合伙人、万商天勤数字法律专业委员会主任，上海区块链技术协会智库专家。