Tencent is shutting down its NFT platform Huanhe due to regulatory concerns. Huanhe stopped external business in early July.
For NFT collectors, what to do with their tokens on the platform will become a problem, and Tencent is yet to offer a solution. Previously, when Hundsun Technologies closed its NFT platform, it offered the buyers full refunds, which means the buyers couldn’t make any profit.
Other tech giants like JD.com and Ant also NFT products, renamed from NFT to “digital collection” to avoid possible breach of regulations on blockchain business, a technology banned in China.
Apart from Huanhe, Tencent Music and Tencent News have both released “digital collections”.
