Tencent will lay off an undisclosed number of staff on its mainland China non-fungible token (NFT) marketplace team and adjust the platform’s business strategy, as it prepares another NFT marketplace serving overseas users, sources close to Tencent said, Chinese financial media Caixin reported on Thursday.

See related article: Tencent to shut Huanhe NFT marketplace: report

Fast facts

  • Tencent has not issued a public response to reports of the shutdown as of press time, nor has it responded to Forkast’s inquiries about plans to develop an overseas NFT market.
  • Launched last August, Huanhe has grown to be one of the largest NFT marketplaces in China in less than a year.
  • Consequently, Huanhe has experienced slow NFT sales since June.

See related article: Chinese marketplace repurchases NFTs, citing uncertain policies