Tencent Shuts Down Its NFT Platform Amid Regulatory Concerns 

Tencent shuts down one of the two NFT platforms amid low sales.

Chinese tech giant Tencent shut down one of its NFT platforms on July 1 while the other one is struggling to remain afloat.

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The Chinese firm deleted digital collectible section from its Tencent News app this month.

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Low sales and anti-crypto regulations have been the reasons for Tencent to put a stop to its NFT platforms.

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In China, buyers are prohibited from selling their NFTs in private transactions after purchase.

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Earlier this year, Chinese social media giants such as Weibo and WeChat started removing accounts associated with NFTs.

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Alibaba also launched an NFT platform but soon reversed its decision and deleted all mentions of it from the internet.

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Though China has explicitly banned all crypto transactions, there is no such ban on NFTs yet.

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