Tencent Holdings has stopped selling its NFT platform to the public, according to the company.sayon tuesday citing increased regulatory scrutiny in the country.
Haunhe was officially launched by the Chinese Internet Giant in August 2021. However, due to changes in business strategy, Tencent will shut down the service “in the light of the company’s consideration to focus on its core strategy,” Tencent Holdings said in a statement.
However, the company said the owner of the existing collection They will still be able to hold, display, or request a refund of their property. However, the sale of NFT will cease today.
Huanhe became one of the largest NFT platforms in China when it launched last year. However, regulators in China have become more strict with NFT due to its similarities with the already banned cryptocurrency and Tencent. Holdings did not elaborate on closing the NFT sale service.
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