Tencent closed the Huanhe NFT platform one year after it was launched

Tencent closed the Huanhe NFT platform one year after it was launched

The Huanhe platform, owned by Chinese Internet giant Tencent Holdings, will not produce new digital collection items for the general public; this was done against the background of increasing industry regulators' control over the NFT segment.

Tencent announced that the Huanhe platform, officially launched at the beginning of August last year, would completely cease to produce new NFT-togens, starting today, while the owners of the digital collection items that had been released earlier would retain the ability to interact with NFT-tokens. Note that Huanhe is one of China's largest NFT platforms, where new collection items are often sold almost immediately after release.

In June this year, Chinese technological giants, such as Tencent and Ant Group, signed an agreement to stop the secondary trade in NFT-tokens and "self-regulation" of their activities in the market.

The source notes that China's media has been writing about the potential closure of Huanhe's platform since last month, and what fate awaits Huanhe's brand is still unknown.