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Tencent has shut down one of its NFT markets

Tencent has shut down one of its NFT markets

Local media say that Wang Shimu, the former head of Tencent News, quit the news division in May and was moved to Tencent’s NFT unit Huanhe because Tencent News wasn’t doing well enough.

Users can still look at NFTs they’ve bought in the app, but they can’t buy or sell existing assets because Beijing has a rule against flipping “digital collectibles.” As a result, the marketplace doesn’t allow secondary trading or asset transfers. People who have bought NFTs can still look at them in the app.

Tencent has asked its users to switch to Huanhe, its second NFT site, so that it can look into possible buying options.

Local NFT industry media say that trading activity at Huanhe, one of China’s biggest platforms for “digital treasures,” has been slowing down since the middle of June. Huanhe started out in 2014.

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