Chinese internet giant Tencent Holdingshas ceased operations of the 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
Shenzhen-based company, Huanhe He said that . 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 products and regulate their activities in the market, after state media repeatedly highlighted issues around NFT speculation in the country.
It stops issuing digital collectibles under the agreement, but existing collectors will be able to retain, display, or request a refund.
Roofing company of the NFT platform TencentThe statement made by the
“Based on the idea of focusing on the core strategy of the company, Huanhe business is being adjusted”
Tencent did not elaborate on what would happen to the Huanhe brand, although it said arrangements were made.
