Tencent Holdings could shut down its non-fungible token platform Huanhe as soon as this week, Chinese media reported, ending its foray into the market that started just last year amid increasing interest in the digital assets.
Technology giants including Tencent and Alibaba Group Holding, owner of the South China Morning Post, have tread carefully with their NFT platforms in mainland China. Most domestic platforms eschew the NFT label altogether, favouring “digital collectibles” because it is not associated with cryptocurrency.
“There was a spree of big companies flocking to issue digital collectibles. But the business itself is unsustainable, because the fact that they made everything an NFT and offered a huge number of copies doesn’t make the product rare any more,” said Gao Chengshi, a Web3 analyst and investor who is a founding partner of blockchain developer Shanghai Hashvalue Information Technology.New batches of digital collectibles have typically been offered in large numbers.
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