The social media giant has reportedly made the decision because of the strict ban on the resale of NFTs imposed by the authorities in Beijing.Shenzhen-headquartered technology conglomerate Tencent is preparing to shut down itsplatform as early as this week, according to a report by Chinese media outlet Jiemian, quoted by the South China Morning Post.
All NFTs on the app are already marked as “sold out,” although users can still visit augmented reality art exhibitions. Another report quoting a different Tencent source, from the state-owned media Yicai Global, reveals that trading halted in early July in anticipation of a crackdown. Other Chinese tech giants, such as Alibaba Group Holding, have been careful with their involvement with NFTs, with Chinese platforms usually substituting the NFT label with the term “digital collectibles,” which isn’t necessarily associated with cryptocurrencies.
Chinese locked everythin realy tight
They have to find a compromise
A sigh!
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China is serious about developing its own ecology CBDC replaces cryptocurrencies Digital collectibles replace NFTs What's next?
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The NFT hype is almost done. Their 15 minutes of fame is almost up. --- about time.
It will be shutting down the NFT platform after a year
NFTs will become more and more devalued every year.
Sam Bankman-Fried’s FTX May Buy South Korean Crypto Exchange Bithumb: Report The emergent white-knight firm of the 2022 crypto winter appears to be exploring more acquisition options. Retweet and Follow me
Much like whats gonna happen to Coinbase soon
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If they fiх it, I won't be able to pау my rеnt :(
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