NFT marketplace Huanhe, under the wing of tech company Tencent, hasn’t put any NFTs up for sale in the past month. Tencent’s goal is to open an NFT marketplace overseas. Although Tencent has not yet made a statement on the subject, the allegations show that Tencent has turned its route to other countries.
Will Tencent’s Huanhe Shut Down?
There is also stiff competition among NFT marketplaces. In this competition, where OpenSea leads in terms of transaction volume, Tencent also has a player named Huanhe. However, things are not going as planned in Huanhe. The platform has not put any new NFTs for sale in the last 1 month. Tencent was to shut down Huanhe before July 24, according to allegations that surfaced in late July. He would fire his team, citing regulatory uncertainties. In the meantime, let’s also mention that the platform last published NFT on July 8th.
Tencent’s current plan is to open an overseas NFT marketplace.
Of course, for now, there is no response from Tencent to the news.
Due to the authorities’ warnings about NFT hype and financialization, Huanhe had not allowed secondary trading of NFTs. Since June, sales have slowed in Huanhe.
In May, Platform and Content Group, one of Tencent’s Huanhe-owned business units, launched a round of layoffs that cut 10 percent of its workforce.
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