Digital Collectibles Industry Risks Sound Alarm Again: Fraud Cases Involving a Certain Platform Prompt Reflection

Recently, the Hubei Provincial Public Security Department reported a major "digital collectible" fraud case. Eleven people involved in a certain digital collectible platform operating company have been subjected to criminal coercive measures, with the amount involved exceeding 12 million yuan. This is the first case of its kind in Hubei Province, attracting widespread attention in the industry.

As the craze for digital collectibles gradually fades, many former "digital collectible players" begin to feel abandoned by the times. Earlier this year, a court ruling in Shenzhen's Futian District regarding a fraud case involving a digital collectible trading platform caused a huge stir in the industry, and now the emergence of this case in Hubei has made many players lament: "Digital collectibles were ultimately misplaced."

Currently, players still on the digital collection platform find themselves in a precarious situation. Before the final outcome of the platform is revealed, no one can be sure whether they will "get rich overnight" or fall into "a beautiful dream." Everyone is worried about becoming the next victim, as it seems that once the craze subsides, only the words "explosive failure" remain.

Why Have Digital Collectibles Become "Speculative Games"?

An article titled "The Destroyed Digital Collection Player------31-Year-Old Programmer Delivers Takeout and Still Has Online Loans Due to Playing Digital Collections" has recently sparked heated discussions. The article tells the story of a digital collection platform player who drained his family's savings to invest in the platform, even accruing external debts, and ultimately had to take on multiple part-time jobs to pay off his debts. This player helplessly stated: "Digital collectibles have become a speculative game of hot potato, it's just a matter of who runs the fastest."

So, why did the once-popular digital collectibles become a "speculative game"? How did many players suffer losses in this "game"? In reviewing these questions, we need to re-examine the essence of digital collectibles and explore the potential risks within.

From a legal perspective, digital collectibles can be defined as certificates of virtual property or property interests that are generated based on blockchain and other cryptographic technologies, characterized by their non-replicability, non-modifiability, and the capability to confirm ownership and authenticity without division. Their essence is a certificate of rights, rather than the copyright of the work or the property rights contained within it. Only when digital collectibles are declared to share part of the copyright between the buyer and the IP party in a trustworthy technological form, do they hold value for the buyer.

The trading of digital collectibles can be divided into two types: sporadic trading and operational trading. Sporadic trading is usually not prohibited by law, while operational trading may carry compliance risks, especially in cases involving multiple resales. Since it can objectively lead to price increases of the collectibles and may even be used for speculation and profit from price differences, this becomes a key issue for the platform's compliance.

The Compliance Path of Digital Collectibles Platform

In the current "post-numbered collection era", the compliance construction of the platform is not only related to its own development but also provides players with a path to escape from "explosive games". The following points are compliance key points that digital collectible platforms should pay attention to:

1. Obtain the necessary administrative licenses in accordance with the law: Although the absence of administrative licenses is not necessarily related to whether a crime has been committed, obtaining the relevant licenses can reduce the administrative and criminal risks of the platform.

2. Do not interfere with the secondary market price: For platforms that open a secondary market, do not artificially influence trading prices through means such as manipulating accounts or hiring bots, to avoid triggering a large number of customer complaints or even being suspected of fraud.

3. Reasonably control the prices of digital collectibles: Although there is a tendency for the pricing of digital collectibles to be somewhat "inflated", it should still be within a reasonable range to avoid obviously unreasonable high pricing, in order to prevent suspicions of fraud.

4. Restrained platform promotion: Avoid using enticing promotional phrases such as promises of principal and interest repayment or returns, and do not describe collectibles as "investment products" or emphasize their "investment value." For commitments like "giving physical items" or "empowering rights," ensure they can be fulfilled.

Conclusion

As digital collectibles are gradually being seen as a "fast-paced" speculative game, the compliance construction of the platform has become an urgent priority. Although the enthusiasm for digital collectibles has waned, it is still hoped that industry insiders can strictly adhere to compliance bottom lines to maintain the healthy development of the industry. Only in this way can the interests of investors be truly protected and the long-term development of the digital collectibles industry be promoted.