China’s Tencent Shuts Down NFT Platform Following Govt Policy

Chinese tech giant Tencent decided to shut down its NFT trading platform not long after the government made it illegal for private transactions after a purchase. Tencent Shutters NFT Platform According to a report from local media, Tencent shut down one of its NFT platforms on July 1 while the other one is struggling to survive. The report highlighted that the shutdown process began back in May with the company transferring key executives responsible for managing the NFT platform and fully removing the digital collectible section from its Tencent News app by July’s first week. Tencent, China's largest internet company, has shut down one of its digital collection (NFT) platforms, and another platform is not doing well. The reason is that the Chinese government does not allow users to conduct private transactions after purchasing.https://t.co/VYWS3TxKUF — Wu Blockchain (@WuBlockchain) July 14, 2022 The primary reason for the slowdown in sales and the complete closure of Tencent’s digital collectible platform is being blamed on the country’s government policy that prohibits buyers from selling their NFTs in private transactions after purchase. Additionally, the lack of a secondary market further makes it impossible to make a profit on these digital collectibles. Underground NFT Trading Remains Afloat While Chinese authorities have banned cryptocurrency sales, there is no such outright ban against NFTs. Citizens still sell their N...