Tencent’s non-fungible token (NFT) marketplace Huanhe says it will allow buyers to refund purchased NFTs but will no longer issue the digital assets, citing a “focus on the company’s core strategic considerations.”

See related article: Chinese e-commerce giant JD.com offers NFTs despite state media criticisms

Fast facts

  • The marketplace’s app will remain, but it will only allow existing customers to “display, download and share” NFTs they already own, a company announcement said.
  • However, Tencent is not planning to lay off Huanhe team members, Chinese media The Paper cited from an internal source, although a previous report in July said that Tencent has notified junior managers to prepare for a layoff.
  • Huanhe is one of the few platforms that never allowed NFT secondary transactions as a means of banning speculation, and the low liquidity of NFTs may have contributed to the slow sales that the platform experienced since June.

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