Tencent stops sales on its NFT platform Huanhe a year after launch as scrutiny mounts

After state media repeatedly highlighted issues around NFT speculation in the country, tech giants including Tencent and Ant Group in June signed a pact to stop the secondary trading of digital collectibles and ‘self-regulate’ their activities in the market. — AFP

HONG KONG: Chinese Internet giant Tencent Holdings’ non-fungible token (NFT) platform Huanhe will no longer release digital collectibles to the public, it said on Aug 16, as regulatory scrutiny of NFTs mounts in the country.

The Shenzhen-based company said that Huanhe, officially launched early last August, will no longer release new NFTs to users from Tuesday. But the company said that owners of existing collectibles will still be able to hold, display or request a refund for their possessions.