Chinese internet giant Tencent Holdings has ceased operations of its NFT platform Huanhe.
Earlier this month, Tencent announced that it would shut down its NFT platform Huanhe. At the time of the announcement, it was claimed that Tencent’s goal was to open an NFT marketplace overseas. Tencent, with its statement today, said that the platform will no longer broadcast NFT.
Tencent, NFT Platform Huanhe Will Not Launch New Product
The Shenzhen-based company said Huanhe will no longer release new NFTs to users from Tuesday. Operations of the NFT platform are being halted due to increasing scrutiny pressure from Chinese regulators.
Tech giants, including Tencent and Ant Group, signed an agreement in June to stop secondary trading of digital collectibles and regulate their activities in the market, after state media repeatedly highlighted issues around NFT speculation in the country.
It will cease issuing digital collectibles in accordance with the agreement, but existing collectors will be able to retain, display or request a refund of their items.
In the statement made by Tencent, the umbrella company of the NFT platform, it was stated:
“Based on the idea of focusing on the company’s core strategy, Huanhe business is being adjusted”
Tencent did not elaborate on what would happen to the Huanhe brand, although it said arrangements were made.
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