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Is the digital collection popular "tuyere" or "cut leek"?

Time : 16/07/2021 Author : 4ubsw3 Click : + -
        "The sale is instant", "the purchase is instant", "the second-hand transaction can be speculated to nearly 100000 yuan" & hellip& hellip; Recently, digital collections that "can be seen but not touched" have been popular. The Xinhua Daily Telegraph reporter found that there was a false fire behind the hot speculation, and there were hidden dangers such as transaction risks, illegal currency speculation, and intellectual property infringement. Insiders suggest that to prevent the digital collection market from "rushing" with problems, we should make technology better serve art through benign regulation and industry regulation. Recently, the transaction of digital collections has frequently attracted attention: the Bing Dwen Dwen digital blind box officially authorized by the International Olympic Committee was sold out at US $99 each, and the "one trick is hard to find" was staged again; The first social digital collection of Qi Baishi's original painting the painting of shrimps was sold at the Shanghai Jiahe auction, and finally ended at 300000 yuan; NFT works of American digital artist beeple sold at Christie's auction for about 69 million dollars & hellip& hellip;。
 
        The full name of NFT is non fungibletoken, also known as non homogenous token. Among them, the field of digital collections is one of the fastest application scenarios of NFT. Many seemingly ordinary digital collections such as mosaic head portraits, pictures and videos are frequently sold at high prices. On opensea, the world's largest NFT trading platform, it is not uncommon for a single digital collection to be sold to millions of dollars. "At present, there is no conclusion on what is a digital collection. It usually refers to digital art works published on the blockchain and digital collection platform after obtaining the unique identification that cannot be tampered with by using the blockchain technology." Yu Jianing, executive director of China Mobile Communications Federation yuancosmos industry committee, said.
 
        Yu Jianing said: "Blockchain technology does not directly change the content of art works, but it can generate a unique logo. It can be understood as a non modifiable property right certificate, which usually makes digital collections unique, authentic and traceable. It is like adding & lsquo; added value & rsquo; and solving the key pain point of digital art transactions. In addition, various capital inflows and platforms springing up like bamboo shoots after a spring rain, the market popularity is constantly increasing.". According to incomplete statistics of the reporter, there are more than 100 platforms for issuing digital collections in China, and the "playing methods" of these platforms are the same. The ways to obtain digital collections include pre-sale, auction, lottery, blind box opening, synthesis, and new user registration.
 
        The pre-sale price of the vast majority of digital collections is relatively "people friendly": users can buy them with a few to several hundred yuan, and the "second light" becomes the normal. The reporter has joined several social groups with more than 1000 people for digital collection trading. Some people roll out the list of digital collections that are launched every day; Some people provided reporters with software to snap up newly released digital collections. The software can "kill" the latest collection at a precise time point, with a price of 200 yuan. At the same time, the second-hand transaction of the first "low-priced" digital collections is "weak and vigorous". At present, different digital collection platforms have different regulations on second-hand transactions: for example, the magic core platform does not allow secondary transactions; Whale detection platform allows users to transfer gifts; On more platforms, users can sell their collections for the second time, freely price and trade. The platform extracts several to ten percentage points of transaction fees, copyright fees and withdrawal fees from each transaction.
 
        In social networks, the price of some second-hand digital collections was "hyped" more than 100 times: some people offered nearly 10000 yuan to buy the "Hangzhou Asian Games digital torch" with a price of 39 yuan; A single Dunhuang digital collection with a price of 19.9 yuan was sold for more than 15000 yuan; In many platforms, the second-hand price of some digital collections was even speculated to nearly 100000 yuan. Although the price is artificially high, the copyright of some digital collections is quite limited. The platforms of magic core, magic collection and unique art stipulate that "the intellectual property rights of digital collections are owned by the issuer and other rights holders" or "unless the rights holders of digital works of art agree in writing, digital works of art shall not be used for any commercial purpose other than transfer".
 
        Many players told the reporter that they do not care about the artistic value and copyright of their works. "They mainly see that the prices of some collections are rising rapidly, and it is & lsquo; the king's way & rsquo; to buy low, sell high, and not hold fast, and make money.". A person who invested one million yuan to speculate on digital collections disclosed that "at present, some dealers use crowdfunding to speculate on some platforms. Some platforms will contact the dealers after they find out, help the dealers to buy at a lower price, and then release good news to the outside world. Together with the dealers, they will push the price up, and finally let the users accept the order.". "Even if we do not engage in speculation, we can make a profit by opening a platform alone." The person in charge of a digital collection platform development company told the reporter that the price of developing a digital collection client now only needs about 30000 yuan. If the collection is distributed on the overseas blockchain platform, it hardly needs any cost.
 
        He also gave the reporter advice: "you spend thousands of yuan a month to hire art workers to paint. Even if the initial price of a painting is set at 20 yuan, and 2000 copies are issued, the immediate income is 40000 yuan, and the return is fast.". Ding Feipeng, director of Beijing Liantong law firm, said that part of the income of some domestic digital collection platforms depends on the issuance costs and part on the transaction costs. "From the perspective of profit seeking, the platform has no power to restrict the issuance and transaction activities, in addition to avoiding the compliance risks, which also contributes to the speculation.". The reporter's investigation found that there are still gaps in the relevant supervision and legal regulation of digital collections, and digital collections need to cross many "barriers" to get onto the "tuyere".
 
        There are many "pits" in the transaction. On the black cat complaint platform, there were more than 1000 complaints related to digital collections, including forced sales, non delivery, and cash withdrawal. Mr. Ma from Zhejiang, who had previously sold a second-hand digital collection on the only art platform for 55000 yuan, was forced to sell it at the "cabbage price" of 5 yuan inexplicably by the system and could not be revoked. Many users said that they had the experience of forced sales of collections worth tens of thousands of yuan. The platform replied in the complaint platform that the user agreement clearly stated that "the platform operator shall not be responsible for the loss of profits or profits caused by your use of the digital art e-commerce platform under any circumstances".
 
        Mr. Li from Hubei said that he had tried to withdraw the account balance of more than 10000 yuan on a digital collection platform. The platform rules also promise that the refund will arrive on the "t + 1" day, but after a period of time, the relevant refund has not arrived, and the customer service personnel who tried to contact have not received any reply. The transaction security problems of the digital collection platform have also appeared. In April, an artist posted an article on social media that the digital collection of the ape head paintings he had previously received was stolen by a fishing website. After that, on foreign NFT trading platforms, the Avatar was traded in 130 Ethereum and 155 Ethereum virtual currencies within about one hour. There is also the phenomenon of "willful" combination with overseas blockchain platforms.
 
        The reporter found that some digital collection platforms still use Ethereum, polygon, Huobi ecological chain and other overseas blockchain technologies to "chain" digital collections. Relevant people told the reporter that the process of "uploading" the pictures to the overseas block chain platform is very simple. After uploading the pictures directly, a string of digital strings can be obtained in a few seconds, which represents the success of "uploading". The technical director of a domestic digital collection platform said that the digital collection "linked" by using overseas blockchain technology can theoretically be traded, mortgaged and replaced with virtual currency on the overseas virtual currency trading platform. "This means that some people can purchase digital collections through RMB, convert them into virtual currency, and then convert them into foreign currency in countries and regions where virtual currency transactions are legal. There is a risk of using digital collections for virtual currency transactions and money laundering.
 
        ”He said. In September last year, the central bank issued a relevant notice stating that "virtual currency related business activities are illegal financial activities" and "there are legal risks in participating in virtual currency investment and trading activities". The risk of intellectual property infringement has gradually emerged. On May 28, Xu Beihong Art Museum issued a statement stating that it was concerned that some digital platforms sold relevant digital collections in the name of Mr. Xu Beihong. Some of the original works of these digital collections were fake works, some could not provide complete traceability evidence, and some works were not related to Mr. Xu Beihong at all. On April 20, Hangzhou Internet court announced a judgment on an intellectual property infringement case involving NFT.
 
        The plaintiff qice company found that on the "metauniverse" platform operated by a technology company of the defendant, a user released the NFT of "fat tiger vaccination", with a price of 899 yuan. This NFT digital work is completely consistent with Ma Qianli's Illustrated works published on Weibo, and even the author's microblog watermark is still in the lower right corner. The defendant not only failed to perform the audit obligation, but also charged a certain proportion of transaction fees. The Hangzhou Internet court ruled that the defendant should immediately delete the NFT work of "fat tiger vaccinated" published on the platform involved in the case, and compensate qice company for 4000 yuan. "The trial of intellectual property infringement cases itself has the problem of difficult identification. Although domestic platforms currently use relatively independent and controllable alliance chain technology, if a large number of works apply for & lsquo; uploading & rsquo; in the future, the platform may not be able to make an accurate judgment on whether all works are infringed.
 
        ”Said Pan Helin, CO director of the digital economy and financial innovation research center of the International Business School of Zhejiang University. Pan Helin said that on the other hand, most of the blockchain technologies used by overseas NFT platforms are open "public chains", which are more completely anonymous, de neutral and difficult to tamper. If no one reviews the source and ownership of the "online" works, it is almost impossible to revoke or delete the infringing digital collections. Recently, the China Internet Finance Association, the China Banking Association and the China Securities Association issued an initiative calling on member units to resolutely curb the tendency of NFT financialization and securitization and strictly prevent the risk of illegal financial activities. The three associations have made requirements for member units to participate in NFT projects from the aspects of issuing financial products, providing trading services, public offering financing, pricing and settlement, real name certification, investment and financing, etc., with the aim of cutting off the secondary trading link of NFT.
 
        Experts said that although the state has clear provisions on the risk prevention of virtual currency, there are still deficiencies in the formulation of regulatory rules for virtual assets and derivatives such as digital collections. Relevant departments urgently need to strengthen the exploration and Research on NFT regulation, and issue relevant regulations as soon as possible to avoid such illegal acts as malicious speculation of NFT products and fund-raising fraud by borrowing the concept of NFT. Wu Junjie, a digital economy researcher at the blockchain Development Research Institute of Harbin Institute of Technology (Shenzhen), believes that the digital collection platform should strictly implement the principle of "not using virtual currency as or in a disguised form as a pricing and settlement tool for issuing transactions, and forbid providing services such as centralized trading, listing trading and standardized contract trading to NFT.
 
        The issuing, selling and purchasing entities of the digital collection platform shall be subject to mandatory real name authentication, properly keep the customer's identity information and issuance transaction records, and actively cooperate with the anti money laundering work ". "You can't let everything be NFT." Pan Helin suggested that the market supervision department and the cultural and tourism department should take the lead in formulating relevant laws and regulations, and make clear the contents of digital collections, as well as the criteria for platform access and business norms, with reference to the regulations on art business management. Wu Junjie believes that the digital collection platform should develop relevant systems for the examination of the ownership and source of "upstream" assets, including the data requirements for the ownership examination, the examination standards, the complaint handling rules and procedures for intellectual property disputes, and the daily monitoring and handling mechanism for intellectual property protection.
 
        "To control the hype and chaos in the digital collection market, we need to build healthy platform trading rules to solve it." Hu Jie, a practice professor at Shanghai Advanced Finance School of Shanghai Jiaotong University, said. Experts suggest that the platform should make it clear to users in the user agreement and prominent position that the platform prohibits any form of speculation, and set a ceiling price range, limit OTC trading, prevent financial leverage and other anti speculation mechanisms. In addition, the digital collection platforms can also strengthen communication and establish industry self-discipline standards. (reporter LAN Tianming).
 
        
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