Tencent this 7 days will shut down Huanhe, the Chinese tech giant’s non-fungible token (NFT) marketplace that has been running for considerably less than a year, in accordance to unnamed Tencent sources cited in a report by Shanghai-dependent technology news outlet Jiemian on Wednesday.

See linked post: WeChat bans NFT accounts, citing ‘crypto speculation’

Quick info

  • Tencent has not responded to Forkast‘s request for confirmation at the time of publication, nor has it produced any community comment on the shutdown.
  • The report said that junior administrators experienced gained notification of the shutdown, while a 2nd Jiemian report cited a Tencent insider indicating that the marketplace had stopped collaborating with organization partners because early July.
  • Huanhe, which started in August 2021, is one particular of China’s most preferred and largest NFT marketplaces, and was Tencent’s foray into the globe of NFTs. In the final 30 times, Huanhe issued 158,994 parts of electronic collectibles, according to Chinese NFT knowledge supplier Tanhert.
  • Huanhe’s conditions of use condition that it will not be viewed as a breach of deal if the marketplace closes for complex or regulatory good reasons, and that customers will have no ideal to seek redress from Tencent.
  • Product sales on Huanhe have slowed considering that June, with seven of the 10 NFT collection unveiled in June yet to be marketed, according to Forkast’s calculation. Prior to June, NFT collections typically sold out.
  • Tencent News’ NFT marketplace shut in July, after it released in January. Former head of Tencent News, Wang Shimu, still left the news division in Could and was reassigned to Huanhe, in accordance to area Chinese media.

See linked article: China’s diktat versus NFT flipping spawns an ingenious industry


Source connection