Tencent shuts down its NFT platform due to Chinese government policies. unable to continue growing

It is reported that Chinese internet giant Tencent It has shut down one of its two nonfungible token (NFT) platforms due to falling sales. including the deteriorating monetary policy of the Chinese government

Tencent shut down one of its NFT platforms on July 1, while the other was struggling to survive. by reporting from the local daily newspaperspecifythat the tech giant moved the key executive responsible for managing the NFT platform in the last week of May. and completely removed the digital collection from the Tencent News app by the first week of July.

The main reason for the slowdown in NFT sales and the closure of Tencent’s digital collectibles platform is blamed on its flawed government policies. It prohibits NFTs from being traded in private transactions after the user has made a purchase, making these NFTs very unprofitable. And it destroys the opportunity to profit from these digital collectibles.

NFT gained a lot of attention in China earlier this year. Several tech giants such as Tencent and Alibaba have shown interest and launched their own digital collection platforms. The government has also come in to watch. This has warned investors against these NFT-related scams.

in March Chinese social media giants such as Weibo and WeChat have begun deleting accounts associated with their digital collectible platforms over fears of a crackdown by the government. And in June, Alibaba launched its NFT platform, but soon removed all mentions from the internet.

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