Chinese Tech Giant Tencent to Shut Down NFT Platform Amid Trading Restrictions
China’s Tencent Holdings plans to shut down its non-fungible token (NFT) platform Huanhe only a year after its launch. 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. Huanhe to Close Down a Year After Launch as China Curbs NFT reselling Shenzhen-headquartered technology conglomerate Tencent is preparing to shut down its NFT platform as early as this week, according to a report by Chinese media outlet Jiemian, quoted by the South China Morning Post. The move comes amid....
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While NFTs are not banned in China like cryptocurrencies, the government has warned against fraud risks associated with the nascent sector. China’s internet giant Tencent has reportedly shut down one of the two nonfungible token (NFT) platforms owing to declining sales aided by the regressive monetary policies of the Chinese government.Tencent shut down one of its NFT platforms on July 1 while the other one is struggling to remain afloat. A report from a local daily indicates that the wind-down process for the same began in May. The tech giant transferred key executives responsible for....
Chinese regulatory scrutiny of cryptocurrencies has since made its way into the NFT space, as expected. However, what started out as just a regular deterrent to citizens from investing in NFTs has spread to the platforms that offer such services. One of the platforms that came under fire was Huanhe, an NFT marketplace that was […]
The simple patent idea took three years to be granted regulatory clearance. According to local news outlet 36kr.com, Chinese technology conglomerate Tencent recently received a novel patent for a blockchain-based missing person's poster. The patent took nearly three years to be awarded from the date of its first submission in December 2019.The patent consists of a data generation request upon user submission that a person has gone missing. The proposal is then unveiled publicly on the blockchain for verification. Once a consensus has been reached regarding the request, it is then stored in....
Chinese tech colossus Tencent has continued its foray into the metaverse after filing a patent for virtual concerts, flying in the face of warnings from Chinese banks and regulators. Chinese tech conglomerate Tencent has filed for a virtual concerts patent with the Chinese National Intellectual Property Administration (CNIPA) according to business data-tracker Qichacha. The application comes as Chinese companies race to secure Metaverse trademarks.Even though the People’s Bank of China (PBoC) took a strong stance against the Metaverse and nonfungible tokens (NFTs) in November, stating that....
Tencent, the Chinese technology and entertainment giant, announced the creation of its own metaverse-driven division. The division, named the extended reality unit, will be the one tasked with encompassing all metaverse-driven efforts, including hardware and software developments. According to reports, the company aims to employ over 300 in this unit, with Tencent giving it big importance even among executing cost-cutting measures.
Tencent Officially Announces Metaverse Division
Tencent, one of the biggest Chinese software companies, has taken another step toward getting into the....