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Tencent Halts NFT Sales on Its Huanhe Platform Amid Regulatory Scrutiny: Report
Users will still be able to hold, display or request a refund for their digital tokens.
Updated May 11, 2023, 6:53 p.m. Published Aug 16, 2022, 11:45 a.m.
Chinese tech giant Tencent will stop releasing digital collectibles on its non-fungible token (NFT) platform in light of scrutiny from regulators, according an official statement cited by Reuters.
The company's Huanhe NFT platform, which started up last August, will no longer sell NFTs starting on Tuesday, Reuters said. Customers who own NFTs, however, will still be able to hold, display or request a refund for the digital assets.
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Last year, China banned cryptocurrency trading and mining, a decision that left questions over the uncategorized NFT market because of its similarities to cryptocurrencies. Shenzhen-based Tencent, whose businesses include the Weixin/WeChat messaging app as well as mobile news, games and payment systems, was forced to remove all references to NFTs on Huanhe last October after Chinese state entities warned that NFTs were being used for speculation.
"Based on the company's consideration to focus on its core strategy, Huanhe is making adjustments to its business," Tencent said in a statement, as quoted by Reuters.
Tencent didn't immediately reply to a request from CoinDesk for comment.
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