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Tencent stops selling on its NFT (Non-Fungible Token) platform a year later


Tencent stops selling on its NFT (Non-Fungible Token) platform a year later

Tencent stops selling on its NFT platform Huanhe a year after its launch

The non-fungible token (NFT) platform of Chinese internet giant Tencent Holdings Huanhe will no longer be releasing digital collections to the public, it said on Tuesday, as oversight regulations for NFTs in this country.

The Shenzhen-based company said that Huanhe, which officially launched in early August last year, will no longer issue new NFTs to users as of Tuesday. But the company says owners of existing collections can still keep, display or claim a refund on their property.

“Based on the company’s consideration of focusing on its core strategy, Huanhe is making adjustments to its business,” Tencent said in a statement.

Huanhe is one of the largest NFT platforms in China, with new collections often selling out at launch.

The move marks Tencent’s major exit from the NFT market, which is under closer scrutiny by Chinese regulators. Digital collectibles in the form of NFTs have grown in popularity around the world in recent years, thanks in large part to an active, if not highly speculative, secondary market.

After state media repeatedly highlighted the issues surrounding NFT speculation in the country, tech giants including Tencent and Ant Group in June signed an agreement to cease secondary trading of collectibles. digitally and “self-regulate” their activities in the marketplace.

Chinese media first reported on the possible closure of Huanhe last month. In its statement on Tuesday, Tencent did not specify what would happen to the Huanhe brand.

The Chinese tech giants have carefully experimented with their NFT platforms in mainland China. Most domestic platforms have largely avoided the word NFT, choosing to describe them as “digital collectibles” rather than trying to distance themselves from cryptocurrencies, which are banned in China.



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