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NFT Suspends Marketplace Operations

Chinese internet giant Tencent announced that it had ceased sales activities of its non-fungible token (NFT) platform Huanhe due to increased controls.

According to the information in the news of Reuters on August 16, Tencent Holdings announced on August 16 that they decided to stop the sales made on the non-fungible token (NFT) platform due to the excessive increase in inspections.

Tencent stated that sales would be stopped, but collectors can keep their existing collections, display them, or request a refund.

Experts consider that the Chinese industry giant’s closure of the NFT platform, almost exactly one year after launching the market, is a sign that the Chinese government’s pressure on the NFT markets will increase. Tencent was said to dominate the market, selling almost instantly every collection released with the NFT platform.

On the other hand, the Chinese government’s antipathy towards digital assets is a fact known to the entire ecosystem. NFT platforms operating in China market their products as digital collectibles, not NFTs, to circumvent the regulations.