Introduction:

On November 10, The Chinese government declared a statement. In this statement, China has declared that stealing digital assets like NFT is a crime. In other words, the person who steals any digital asset will be given punishment by the Chinese government. Strict action will be taken against those people who are found stealing any digital assets. Let us deep dive into this statement and find out the reasons and consequences of this statement. We will also talk about why “China Declared Stealing NFT Is A Crime”.

What is NFT?

NFTs, or Non-Fungible Tokens, emerge as captivating digital assets, boldly tackling ownership of unparalleled items. Leveraging the power of blockchain technology, these tokens guarantee authenticity and scarcity, standing distinct from traditional digital currencies like Bitcoin or Ethereum. Each NFT is a unique and indivisible entity, a testament to the transformative potential of blockchain. Revolutionizing the landscape of digital ownership, NFTs extend their influence across realms such as art, music, virtual real estate, and in-game treasures.

NFT Creation Steps:

1- Understand the Basics:

Before creating an NFT, understand the concept of NFTs and the blockchain platform you’ll be using. Ethereum is a common choice for NFTs, but other platforms like Binance Smart Chain and Flow are also popular.

2- Set Up a Wallet:

You’ll need a digital wallet that supports the blockchain you’re using. Wallets like MetaMask, Trust Wallet, or Coinbase Wallet are commonly used for Ethereum-based NFTs. Follow the wallet provider’s instructions to create and secure your wallet.

3- Add Cryptocurrency to Your Wallet:

To interact with the blockchain, you’ll need cryptocurrency. Buy and transfer the necessary amount of cryptocurrency (like Ethereum) to your wallet. Ensure you have enough to cover transaction fees.

4- Choose an NFT Marketplace:

Select an NFT marketplace to mint and sell your NFT. Popular platforms include OpenSea, Rarible, and Mintable. Create an account on your chosen marketplace.

5- Connect Wallet to Marketplace:

Connect your wallet to the NFT marketplace. This step allows the marketplace to interact with your wallet for creating and managing NFTs. Follow the platform’s instructions to link your wallet.

6- Prepare Your Content:

Get the digital file ready for your NFT. This could be digital art, music, videos, or any unique digital content. Ensure the file adheres to the platform’s guidelines regarding file type, size, and other specifications.

7- Mint Your NFT:

“Minting” is the process of turning your digital file into an NFT. On the marketplace, find the option to create or mint an NFT. Upload your digital file, add details (title, description, etc.), and set any additional properties.

8- Set Properties and Royalties:

Specify any additional properties for your NFT, such as limited edition numbers or unlockable content. Set the royalty percentage. when your NFT is resold you receive this percentage. This step ensures you continue to earn from the secondary market.

9- Confirm and Pay Fees:

Review all the details of your NFT listing, including any associated fees. Confirm the minting process and be prepared to pay the transaction fees required by the blockchain.

10- Publish Your NFT:

Once you’ve paid the fees, your NFT is minted and published on the marketplace. It’s now available for purchase by others.

Related: “China “Does Not Want to Miss Out”: Community Responds to News of the HK spot Bitcoin ETF”

Reasons:

News report:

A Chinese English-language newspaper, named China Daily, has printed in its newspaper that China wants to establish its own NFT platform. They would give 2.813 million Chinese yuan (equivalent to $390,000) to a third-party contractor for the design of the platform in accordance with its specifications. This could be one of the reasons behind announcing this statement.

To Maintain Trust:

To maintain the user’s trust could also be a reason to declare such a statement. Stealing digital assets has become the main target of the scammers. They use different practices to trap people in their scams. The users who become the victims have to suffer a heavy loss and have to face a financial crisis. This also results in lessening the trust of the users in digital assets like NFT.

Security:

As a result of this statement now the scammers will think twice before stealing any digital assets. This will maintain user trust and fulfill the blockchain commitment to transparency and compliance.

User-friendly:

This will also result in building a user-friendly ecosystem for NFT users. Now the artists, and developers don’t have to think that one day any scammers will come and steal their NFT which will result in a complete loss of their time and money. Now they can create and work on NFT without any worry.

Conclusion:

In the end, we can say that the decision of China to consider digital asset stealing as a crime is a good step in maintaining security and stopping stealing. This is also going to build trust among the users regarding blockchain technology. There might be several reasons behind taking such a big decision of declaring stealing NFT is a crime, is not yet clear completely. Maybe it is related to China’s launching its own NFT platform or maybe some other reason. But all in all, we hope this is done for a good cause and will not affect the global NFT users.