Tencent shuts down NFT platform owing to Chinese government's regressive policies
Even though NFTs are not outlawed in China like cryptos are, the government has issued a fraud alert regarding the nascent industry
By Shashank Bhardwaj
One of the two non fungible token (NFT) platforms operated by China's internet behemoth Tencent has reportedly been shut down due to dwindling sales, thanks to the country's regressive monetary policies.
On July 1, Tencent shut down one of its NFT platforms. The other NFT platform is also struggling to survive amidst the adverse market conditions and the Chinese government’s crackdown on the crypto industry. According to a local daily report, the winding-up process for the same started in May. The tech behemoth changed senior executives in charge of running the NFT platform during the final week of May, and by the first week of July, the digital collectible section had been entirely withdrawn from its Tencent News app.
Tencent's digital collectable platform's sales decline and eventual shutdown are primarily attributed to erroneous government regulations that prevent purchasers from reselling their NFTs in private transactions once purchased, making these NFTs less profitable. The absence of a secondary market eliminates any potential for generating money on these NFT collectibles.
Early this year, NFTs saw significant growth in China, where numerous tech giants, including Tencent and Alibaba, expressed interest and even launched their digital collectible platforms. However, gaining popularity, it also attracted the government's attention. The Chinese government has already cautioned investors to look for frauds involving these NFTs.
Weibo and WeChat, two of the biggest Chinese social media platforms, began deleting accounts connected to digital collectibles sites in March out of concern for a government crackdown. In June, Alibaba introduced an NFT platform but quickly took down all online references.
Although the Chinese government is well known for its anti-crypto stance and has openly forbidden all crypto transactions in the nation, NFTs are not subject to the same restrictions. Big corporations and digital behemoths continue to exercise care, nevertheless, out of concern for the Beijing government's stringent enforcement policies.
Chinese dealers have always managed to evade stern regulatory crackdowns, despite prohibiting crypto trading and mining and a warning against NFTs. For instance, China's share of Bitcoin (BTC) miners fell to zero from 60 percent after the country banned crypto mining last year.
Recent data, however, indicates that China has moved back up to the second position, indicating that miners managed to avoid the government's rigorous regulations despite the ban.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..