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Chinese Tech Giant Tencent to Shut Down NFT Platform Amid Trading Restrictions – Bitcoin News

Chinese Tech Giant Tencent to Shut Down NFT Platform Amid Trading RestrictionsChina’s Tencent Holdings plans to shut down its non-fungible token (NFT) platform Huanhe only a year after its launch.
Huanhe to Close Down a Year After Launch as China Curbs NFT resellingShenzhen-headquartered technology conglomerate Tencent is preparing to shut down its NFT platform as early as this week, according to a report by Chinese media outlet Jiemian, quoted by the South China Morning Post.
The move comes amid restrictions on the secondary trading of NFTs in the People’s Republic which are said to have hurt the platform’s business potential.
If the NFT unit terminates activities, this would mark a major retreat by Tencent from the market of digital collectibles, the SCMP notes.
Do you expect other NFT platforms in China to shut down in the near future?

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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