The Hangzhou Internet Court ruled in an NFT-related case that NFT is an online virtual property, and the contract involved is protected by law

The Hangzhou Internet Court recently heard an information network sales contract dispute case caused by the transaction of NFT digital collections. ", pay 999 yuan after filling in the mobile phone number and personal information. However, Company A has not delivered the goods, and forced a refund to Wang after 10 days. Wang believed that Company A’s actions violated its legitimate rights and interests, so he sued the court and asked Company A to perform the contract. If it could not perform, it would compensate it for losses of 99,999 yuan. Defendant Company A argued that, in order to prevent some users from snapping up digital collections abnormally by using plug-in software, and to help users better understand the rules of snapping up, the platform specially issued a snapping up announcement before the sale of products, and included precautions. After the trial, the court held that the transaction objects involved in the case were NFT digital collections, so it was necessary to confirm the legal attributes of NFT digital collections first. In the end, the court believed that NFT digital collections had the characteristics of property rights such as value, scarcity, controllability, and tradability. At the same time, it also has the unique attributes of network virtual property such as network virtuality and technicality. It belongs to network virtual property. The contract involved does not violate Chinese laws and regulations, nor does it violate China's actual policies and regulatory guidance for preventing economic and financial risks, and should be protected by law. Therefore, Wang's claim was dismissed.