Chinese technology giant Tencent, due to regulatory reviews non-fungible token (NFT) seller cryptocurrency will stop selling digital collectibles on its platform.
Huanhe, Tencent’s Crypto Arm, Will Stop Selling NFT
Reuters said the company’s Huanhe NFT platform, which launched last August, will no longer sell NFTs as of Tuesday.
However, customers who own NFTs will still be able to hold, view or request refunds of digital assets.
Last year, China banned the trading and mining of cryptocurrencies, leaving questions on the unclassified NFT market due to its similarities with cryptocurrencies.
Shenzhen-based Tencent, whose businesses include the Weixin/WeChat messaging app as well as mobile news, games and payment systems, had to remove all references to NFTs in Huanhe last October after Chinese government agencies warned that NFTs were being used for speculation.
“Based on the notion of focusing on the company’s core strategy, Huanhe is making the necessary adjustments to its operations,” Tencent said in a statement, quoted by Reuters.
Once in particular bitcoin The People’s Republic of China, which has the world’s largest facilities for mining, ended all Bitcoin mining activities in the country, citing environmental concerns with a highly criticized decision.
After this decision, a downward trend started in the crypto money market at that time, and this trend continued until Bitcoin miners migrated to other countries and started their machines.
*Not investment advice.
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