Tencent shuts down NFT platform as gov policy makes it impossible to thrive

2022.07.14 21:56

China’s internet giant Tencent has reportedly shut down one of the two nonfungible token (NFT) platforms owing to declining sales aided by the regressive monetary policies of the Chinese government.

Tencent shut down one of its NFT platforms on July 1, while the other one is struggling to remain afloat. A report from a local daily indicates that the wind-down process for the same began in May. The tech giant transferred key executives responsible for managing the NFT platform in the last week of May and completely removed the digital collectible section from its Tencent News app by the first week of July.

Tencent shuts down NFT platform as gov policy makes it impossible to thrive