The ban comes as Chinese companies seek to comply with Beijing’s diktat against speculative activity in non-fungible tokens (NFTs).
See related article: China’s diktat against NFT flipping spawns an ingenious industry
Fast facts
- WeChat banned the official account of a Chinese NFT platform for “business activities related to secondary trading of digital collectibles or cryptocurrency.”
- “Digital collectibles” is a phrase used in China to avoid reference to NFTs due to state media denouncing speculative activities surrounding the digital assets.
- The NFT marketplace, named “NFtea,” offers a platform to trade “digital collectibles” featuring high-end tea products.
- Official accounts on the ubiquitous Chinese social messaging app are subject to disciplinary action or even a permanent ban if found involved in flipping “digital collectibles.”
- In a People’s Daily commentary published on Thursday, National Press and Publication Administration blockchain copyright director Liu Tianjiao wrote that digital collectibles will enjoy copyright protection only after a review.
See related article: China-run media outlet criticizes NFT platform as a payment risk