Launched in January, Tencent News’ NFT marketplace was shut down, citing the need to “adjust” and “transform” the business.
See related article: China’s diktat against NFT flipping spawns an ingenious industry
Fast facts
- Wang Shimu, former head of Tencent News, left the news division in May and was reassigned to Tencent’s NFT arm Huanhe due to the underperformance of Tencent News, local media said.
- Users can continue to view purchased NFTs within the app but cannot buy or sell existing assets as the marketplace does not allow secondary trading and transfers due to Beijing’s diktat on flipping the “digital collectibles.”
- Tencent has asked existing users to transition to Huanhe, its other NFT platform to explore further purchases.
- Meanwhile, trading activity at Huanhe, one of China’s largest “digital collectibles” platforms, has started to slow down since mid-June, according to local NFT industry media.
See related article: Tencent climbs aboard NFT bandwagon with new trading app