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Ant Group, Tencent Change NFT References to ‘Digital Collectibles’: Report

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Ant Group and Tencent have changed references of non-fungible tokens (NFTs) to “digital collectibles” on their platforms and sites, Chinese media Jiemian reported.

  • So far, NFTs have not been included in the Chinese government’s guidelines towards crypto buying and selling and mining. However, state entities have warned towards using NFTs for market hypothesis. Last week, a government-run tech park within the Guangdong province cautioned individuals towards scams that prey on the NFT hype.
  • The two companies seem to be distancing themselves from NFTs. Tencent said that the reference change displays the corporate’s dedication to compliance, whereas Ant Group reiterated that it’s towards the digital collectibles hype and market hypothesis.
  • Ant Group runs a market targeted on celeb NFTs on its Alipay platform, and has issued NFT collections of historic artifacts, as just lately as Friday, in addition to one for the 2022 Asia Games.
  • In August, Alipay mentioned that customers should maintain their NFTs for 180 days earlier than transferring them to others so as to curb hypothesis.
  • Regulators have just lately interviewed large tech platforms about their NFT merchandise, Chinese blogger Colin Wu mentioned, citing nameless sources. CoinDesk was not in a position to verify the report.
  • Such interviews usually happen when firms have crossed some line with Chinese authorities. Ant Group had such a sit down with regulators, prior to its IPO being cancelled final yr.
  • Other large firms, similar to e-commerce platform JD.com, have additionally launched NFTs in China.

Read extra : How Ant’s Suspended IPO Is Related to China’s Digital Yuan

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