Is Chinese Tech Giant Tencent Planning to Enter NFT Market Soon?
Amid the growing craze for NFTs among Chinese investors, it looks like Chinese tech giant Tencent is planning to enter the NFT market soon. In an exclusive update, popular Chinese journalist Colin Wu reported:
“China’s largest Internet company Tencent will enter the NFT, including music, games, news content, etc.”
Exclusive: China's largest Internet company Tencent will enter the NFT, including music, games, news content, etc. pic.twitter.com/LDTUFfaAaY
— Wu Blockchain (@WuBlockchain) July 30, 2021
It looks like a very recent development and we have yet to hear from the tech giant. However, Chinese tech companies are now filling to make the most of the NFT markets amid the recent crackdown on public cryptocurrencies by the government and top regulators.
Chinese Tech Companies Adopting NFTs
Earlier this month, we at CoinGape reported that the Alibaba-owned English new publication – South China Morning Post (SCMP) – will release NFTs for some of its most popular news. This is an interesting new way to monetize some of the most popular works by the digital new publication.
Another Alibaba-owned subsidiary and e-commerce giant Taobao sold non-fungible tokens (NFTs) at its Taobao Maker Festival. At the festival, Taobao featured artworks by Huang Heshan. The NFTs included a massive collection of 300 virtual apartments, 10 houses and 350 parking spaces in Toorich City, all sold within minutes.
When such big companies are joining the NFT bandwagon, the market is most likely to make a strong move ahead. Besides, their entry will give hope to Chinese investors who have been struggling to make their way into the crypto space. Besides, it can change the complete NFT landscape in China going ahead.
The NFT gaming market is evolving at a faster rate at this point. Just the Defi craze during the summer of 2020, there’s an NFT craze this summer season. The trading volume for NFT games has skyrocketed over the last few weeks with NFT tokens being traded 8x times than the Defi tokens over the last week.
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