NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
      • NFT Launchpad
    • Newsletter
    NFT Evening NFT Evening
    News

    Home » News » Tencent Stops NFT Sales, Allows Refunds on Its Huanhe Platform

    Tencent Stops NFT Sales, Allows Refunds on Its Huanhe Platform

    By Reethu RaviAugust 17, 2022Updated:September 20, 20222 Mins Read

    Chinese tech giant, Tencent will stop the sales of digital collectibles on its NFT platform, Huanhe amid growing regulatory scrutiny. Huanhe, which was launched in August last year, will no longer release NFTs starting Tuesday, August 16. However, current NFT holders will be able to hold, display, or request a refund for their NFTs. Here’s all you need to know about the latest updates from Tencent’s Huanhe NFT platform.

    Tencent building in China
    Tencent is stopping NFT sales on its Huanhe platform. Credit: The Economic Times

    Why is Tencent stopping its NFT sales?

    “Based on the company’s consideration to focus on its core strategy, Huanhe is making adjustments to its business,” Tencent said in a statement, according to Reuters. 

    Reportedly, the decision comes amid growing scrutiny from Chinese regulators. Last year, China announced a ban on crypto, leading to uncertainty around the yet uncategorized NFT sector. Later, in June this year, amid state media reports on NFT speculation, tech giants such as Tencent and Ant Group agreed to stop the secondary trading of NFTs. 

    The move was aimed at “self-regulating” their activities. WeChat, an instant messaging app from Tencent, also banned crypto and NFT-related accounts the same month. Essentially, public WeChat accounts involved in “the issuance, trading and financing of crypto and NFTs” were subject to the ban.

    In fact, the Chinese media first hinted at the potential closure of the Tencent NFT platform last month. However, in its statement, the firm did not specify the future of Huanhe. 

    China has a haphazard relationship with crypto and NFTs and has released its own centralized digital currency in the past. However, owing to the crypto ban in the country, Chinese tech companies have been cautious about their NFT platforms. As a matter of fact, most platforms refer to NFTs as “digital collectibles” to avoid scrutiny from regulators. 

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    Previous ArticleSuperPlastic Is Releasing Mutant Ape Vinyl Toys This Week!
    Next Article Non-Fungible Films’ Cameron Moulène About Bridging Web3 IP to Mainstream Media
    Reethu Ravi
    • Twitter
    • LinkedIn

    Reethu Ravi is a journalist currently based in the UK, covering environment, sustainability, tech and innovation. When not found between the pages of a book, she can be seen catching up on the latest developments in the tech world. A naval architect-turned-journalist, she loves bringing stories of change and innovation to the limelight.

    More great NFT Evening content:

    Voxels VR: A New Way to Experience the Metaverse

    March 31, 2023

    Get Ready to Collect and Play with Candy Digital’s New MLB Offerings!

    March 31, 2023

    Roblox Money Laundering Scandal Shocks the Gaming World

    March 31, 2023

    Trevor Jones and MakersPlace Pay Tribute to Alotta Money Through NFT Art Auction

    March 31, 2023

    Unstoppable Domains Introduces AI Avatars for Digital Identity

    March 31, 2023

    Flybondi becomes the first airline to offer NFT tickets

    March 31, 2023

    Fetch.ai’s $40M Funding To Accelerate AI & Blockchain Integration

    March 30, 2023

    Art Blocks Launches Creator-Friendly NFT Marketplace

    March 30, 2023
    Latest NFT News

    Voxels VR: A New Way to Experience the Metaverse

    March 31, 2023

    Get Ready to Collect and Play with Candy Digital’s New MLB Offerings!

    March 31, 2023

    Roblox Money Laundering Scandal Shocks the Gaming World

    March 31, 2023

    Trevor Jones and MakersPlace Pay Tribute to Alotta Money Through NFT Art Auction

    March 31, 2023

    Unstoppable Domains Introduces AI Avatars for Digital Identity

    March 31, 2023

    Flybondi becomes the first airline to offer NFT tickets

    March 31, 2023

    Ocean Race, Virtual Regatta & Accenture Launch Metaverse Collaboration

    March 30, 2023

    Fetch.ai’s $40M Funding To Accelerate AI & Blockchain Integration

    March 30, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Columns
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Job Opportunities
    • About Us
    • Contact Us
    • Newsletter
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.