As regulatory scrutiny of non-fungible tokens (NFTs) increases in China, Tencent Holdings' non-fungible token (NFT) platform Huanhe will no longer offer digital collectibles to the general market.
The Huanhe app will stop providing new NFTs to users as of Tuesday, according to the Shenzhen-based startup. Owners of current collectibles, according to the firm, will be able to keep, exhibit, or request a refund for their items.
One of the largest NFT sites in China is Huanhe, where new items sometimes sell out right away after being on sale.
Tencent's action represents a significant retreat from the NFT industry, which is now the subject of greater scrutiny from Chinese regulators. In recent years, digital collectibles in the form of NFTs have gained popularity around the globe, mostly due to an active, if not extremely speculative, secondary market.
Tech companies like Tencent and Ant Group struck a deal in June to halt the secondary trade of digital artifacts and "self-regulate" their market operations after state media repeatedly raised problems surrounding NFT speculation in the nation.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2024, IIFL Securities Ltd. All Rights Reserved
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
