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HomeNFTTencent suspends NFT sales on its Huanhe platform: Report

Tencent suspends NFT sales on its Huanhe platform: Report

Tencent stops selling NFT (Non-Fungible Token) on its platform after a year. Huanhe, a Tencent Holdings-backed non-fungible token(NFT) platform, announced on August 16 that the platform stopped selling digital collectibles to the general public citing strict sanction on NFTs in China.

Tencent, a Shenzhen-based company that runs the Weixin/WeChat messaging app as well as games,payment systems and mobile news was forced to remove all references to NFTs from Huanhe last October after Chinese state entities voiced concern that NFTs were being used for speculation. Tencent also operates games,payment systems and mobile news.

New collectibles frequently sell out as soon as they go on sale on Huanhe, one of China’s largest NFT platforms.

Tencent’s move represents a significant retreat from the NFT market, which is now being scrutinised by Chinese regulators.

A productive, though not purely uncertain, market place has contributed significantly to the rise in popularity of NFTs, or digital collectibles, in recent years.

Current collectibles owners will be able to keep, display, or request a refund, according to the Shenzhen-based company Huanhe.

Tencent stated in a statement: 

“Based on the company’s consideration to focus on its core strategy, Huanhe is making adjustments to its business.”

China banned crypto mining and trading last year, a move that raised concerns about the unclassified NFT market due to its resemblance to cryptocurrencies. 

Read more at Cryptoshrypto:

China tech giant Tencent shuts down NFT platform due to regressive government policy

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