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Tron’s Justin Sun is targeting a takeover of Tencent NFT

Tron (TRX) founder Justin Sun says TronDAO, a decentralized autonomous organization (DAO) that controls the development of the Tron network, is ” acquiring” a non-fungible token (NFT) arm of Chinese tech powerhouse Tencent would like.

Tencent had high hopes for its NFT units and could theoretically have developed them into some of Asia’s most lucrative platforms. Tencent had tremendous financial resources and a huge preponderance of gaming and entertainment IPs. However, the Chinese government forced the company to severely water down its offerings, which tightly regulated the NFT sector.

Those regulations included a de facto ban on “NFT” itself. Beijing has also severely restricted trading in the secondary market, forcing companies to use private blockchains- rather than the popular public networks.

Tencent had tried to fight back and launched the Huanhe app and trading platform. After a promising start last year, recent Huanhe collections have been selling slowly. And earlier this week, the company announced that it was closing Huanhe for good.

However, Sun is keen to step in and integrate Huanhe into the ApeNFT ecosystem.

He stated that  “The TronDAO “intends to acquire Huanhe” so that we can continue to support it can build to provide a best-in-class platform for all users with ApeNFT platform.”

ApeNFT was launched in April this year as the “first official NFT marketplace” on the Tron network. Sun has tried to generate interest in the platform by sending “several well-known works of art,” including the work “Le Nez.” by Giacometti, to the ApeNFT Foundation has donated “to support the development of nft art.”