Tencent this week will shut down Huanhe, the Chinese tech giant’s non-fungible token (NFT) marketplace that has been operating for less than a year, according to unnamed Tencent sources cited in a report by Shanghai-based technology news outlet Jiemian on Wednesday.
See related article: WeChat bans NFT accounts, citing ‘crypto speculation’
Fast facts
- Tencent has not responded to Forkast‘s request for confirmation at the time of publication, nor has it made any public comment on the shutdown.
- The report said that junior managers had received notification of the shutdown, while a second Jiemian report cited a Tencent insider saying that the marketplace had stopped collaborating with business partners since early July.
- Huanhe, which began in August 2021, is one of China’s most popular and largest NFT marketplaces, and was Tencent’s foray into the world of NFTs. In the last 30 days, Huanhe issued 158,994 pieces of digital collectibles, according to Chinese NFT data provider Tanhert.
- Huanhe’s terms of use state that it will not be considered a breach of contract if the market closes for technical or regulatory reasons, and that users will have no right to seek redress from Tencent.
- Sales on Huanhe have slowed since June, with seven of the 10 NFT series released in June yet to be sold, according to Forkast’s calculation. Prior to June, NFT collections typically sold out.
- Tencent News’ NFT marketplace shut in July, after it launched in January. Former head of Tencent News, Wang Shimu, left the news division in May and was reassigned to Huanhe, according to local Chinese media.
See related article: China’s diktat against NFT flipping spawns an ingenious industry
- Bitcoin
- blockchain
- blockchain compliance
- blockchain conference
- China
- coinbase
- coingenius
- Consensus
- crypto conference
- crypto mining
- cryptocurrency
- decentralized
- DeFi
- Digital Assets
- ethereum
- Forkast
- machine learning
- NFT - Non-Fungible Token
- non fungible token
- plato
- plato ai
- Plato Data Intelligence
- Platoblockchain
- PlatoData
- platogaming
- Polygon
- proof of stake
- Tencent
- W3
- zephyrnet
More from Forkast
Markets: Bitcoin, Ether little changed after weekend slump; Binance BNB token regains some ground
Source Node: 1775911
Time Stamp: Dec 18, 2022
Bitcoin to peak at US$42,000 in 2023, end the year above US$35,000: Finder survey
Source Node: 2063738
Time Stamp: Apr 19, 2023
To predict Hong Kong’s future in crypto, just read its money
Source Node: 2214307
Time Stamp: Aug 14, 2023
A glimpse into the metaverse with Sebastien Borget of The Sandbox
Source Node: 2127473
Time Stamp: Jun 9, 2023
Weekly Market Wrap: Bitcoin weighed down by debt ceiling uncertainty
Source Node: 2108840
Time Stamp: May 26, 2023
South Korea seeks software to track US$7.2B in illegal crypto
Source Node: 1724038
Time Stamp: Oct 14, 2022
China state-backed NFT trading platform to launch on Jan. 1
Source Node: 1789724
Time Stamp: Dec 29, 2022
South Korean prosecutors said to have raided Terra cofounder Shin’s residence
Source Node: 1587816
Time Stamp: Jul 22, 2022