Beware of ‘digital scams’ behind ‘digital collections’

Digital collections refer to the use of blockchain technology to generate unique digital certificates corresponding to specific works and artworks, and on the basis of protecting their digital copyrights, to achieve authentic and credible digital distribution, purchase, collection and use. Behind the popularity of digital collections, complaints continue one after another. Consumer complaints mainly focus on the platform’s alleged hype and price gouging; false shipments by merchants, non-refundable; data loss, stolen collections and other issues.

It is reported that digital collections, as an innovative application of blockchain technology, are of positive significance for the dissemination of excellent culture. However, due to the relatively short time in China, the identification and supervision standards have not been established, resulting in chaos. The “playing method” of the platform for issuing digital collections is similar: digital collections can be obtained through pre-sale, auction, lottery, blind box opening, synthesis, and new user registration. Users can snap up and sell them for a few to several hundred yuan. That is, “second light” has become the norm.

The routines in digital collections need attention. With the help of media reports, the price has been hyped more than 100 times, and the collection trading routine is not shallow. For example, some first attract users with low-priced collections, and then raise the prices of some collections whose actual prices are not high. When users spend a lot of money to buy and resell, the order is locked for a long time and cannot be successfully traded. After this popularity, the price of the collection will continue to fall, and the user will bear the loss. And merchants misappropriating money to play “missing” will also make it difficult for consumers to defend their rights.

It is worth noting that in addition to price gouging and false shipments, there are also many hidden dangers in the transaction security of digital collection platforms. In response to these, if consumers do not have accurate knowledge, they are likely to be deceived, resulting in damage to their own rights and interests. As experts advise, digital collections should not have any financial value, and don’t try to hype digital collections for short-term gains. Of course, it is particularly important that when choosing a digital collection platform, we must recognize the qualifications behind it.

At the same time, market supervision cannot be relaxed. Digital collections have been around for a short time in my country, and the identification and supervision standards have not yet been established, resulting in chaos. Therefore, it is very necessary to establish sound supervision and industry regulation. It is worth noting that there are still gaps in the relevant supervision and legal regulations related to digital collections. Therefore, relevant departments should pay attention to it, and issue relevant regulations as soon as possible to clarify the attributes of digital collections, platform access, business norms and other criteria to make the market more standardized.

In addition, the platform must take responsibility. The most basic thing is to act in good faith in accordance with the law and not deceive consumers. And as some experts said, the digital collection platform should formulate relevant systems for the review of the ownership and source of “on-chain” assets, including the data requirements for ownership review, review standards, complaint handling rules for intellectual property disputes, and complaint handling procedures, knowledge. The daily monitoring and processing mechanism of property rights protection, etc. The completion of these mechanisms is also conducive to eliminating chaos and regulating the market.

In the end, market regulation can benefit all parties. When digital collections first enter the market, many problems will inevitably arise. In particular, although the state has clear regulations on virtual currency risk prevention, there are still insufficient regulatory rules for virtual assets and derivatives such as digital collections. This also requires relevant departments to face market changes and take active actions. Regulatory measures have made the “digital scam” behind the “digital collection” truly disappear.

Posted by:CoinYuppie,Reprinted with attribution to:
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