Both sides of the hearing were represented by the Hangzhou Digital Technology Company, which operates an NFT marketplace and a platform user.
Even after meeting all the conditions, the user claimed they never received the NFT they had paid. The customer stated that the business reimbursed them rather than sending them the ordered NFT.
The user sued the corporation, demanding that it either provide the NFT or pay him 99,999 yuan ($14,368) as compensation for the financial injury that the company allegedly caused him by failing to uphold their half of the contract.
In response, the business claimed that they were unable to enable the transfer because the data the user gave at the time of purchase was incongruous.
Because the transaction included NFT digital collections rather than NFT rights certificates, the Hangzhou Internet Court ruled with the user. The judge declared:
“NFT digital collections have the object characteristics of property rights such as value, scarcity, disposability, and tradability. They also have the unique properties of network virtual property such as network virtuality and technology, and are network virtual property.
The contract involved does not violate the laws and regulations of our country, nor does it violate our country’s realistic policy and regulatory orientation to prevent economic and financial risks, and should be protected by our laws.”
To read our blog on “Forget P2E—factory NFTs are the new crypto gaming meta,” click here
