NFT mania in the IP arena
Blockchain-based digital artwork has experienced a craze in western countries. The global monetary inflation further drives investors to seek unique assets across borders, even into cyberspace. Now the tide reaches China. According to the Financial Times, “Digital art – including NFT (Non-fungible token) – is enjoying an upsurge in Beijing.”
However, as some mainstream fashion observers point out, Chinese regulations may stand in the way of large-scale adoption. Numerous regulatory and intellectual property issues have not been tested in Chinese courts, “there is simply too much unknown from the Chinese law perspective.” *
Stars are falling
This March, the US Securities and Exchange Commission (SEC) sent shockwaves across the Pacific Ocean, shaking global capital markets. It adopted the Holding Foreign Companies Accountable Act passed by the Trump administration. As a result, the SEC now has the authority to demand US-listed companies to affirm that they are not owned or controlled by a governmental entity in a foreign jurisdiction.
In March 2021, the Fourteenth Five-Year Plan for National Economic and Social Development and the Outline of 2035 Long-Term Goals (the "Outline") by the State Council received attention in the global innovation community. The Outline reveals a major shift in IP policy. It affirms that funding for intellectual property applications has entered into history. In addition, the resource so saved will apply to strengthening support for IP's subsequent transformation, utilization, administrative protection, and public services in the next stage.
The affirmative position signals that China's innovation ecosystem is turning over a new leaf.
Are you covered?
In recent weeks, the world was anxiously watching a 200,000 ton vessel blocking the Suez Canal, a historical passage for the global economy. The probability of such an incident is very low, but yields large, detrimental impacts. Attention soon shifted to the insurance coverage for such an unprecedented loss in global shipping history.
The world has been awed by China's rapid and robust growth in IP, but few recognize the primary driving force behind this phenomenon.
Recently, the China National Intellectual Property Administration (CNIPA) released yearly statistics on IP in its 2021 Q1 press conference in Beijing. All major statistics met expectations in 2020, indicating another step forward for China's IP system. *