Thursday, September 29, 2022
HomeNFTAnt Group's NFT arm penalises consumers for reselling digital collectibles

Ant Group’s NFT arm penalises consumers for reselling digital collectibles

Jingtan, an Alibaba subsidiary of Ant Group’s non-fungible token (NFT) platform, has restricted at least 56 accounts from engaging in the sales of digital artefacts, after the popularity of diverse collections in the digital second-hand market.

Jingtan, built by AntChain, stated that it has limited the transfer feature for users engaged in the private resale of virtual collectibles, which is against the platform’s regulations.

Since Chinese official media began criticising the market frenzy over NFTs, Chinese enterprises have started using the word “digital collectibles” to avoid NFT connotations.

The rebranding hasn’t dampened speculation, as NFT owners have discovered alternate sales channels in second-hand marketplaces to receive offers on assets that haven’t passed the half-year lock period.

After holding goods for at least 180 days, AntChain allows users to freely gift digital treasures to one another.

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