Tencent Quits Sales On Its NFT System Huanhe A Year After Launch As Analysis Places - Reuters.com

Tencent Quits Sales On Its NFT System Huanhe A Year After Launch As Analysis Places – Reuters.com

People go to a Tencent cubicle at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3,2021 REUTERS/Florence Lo

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HONG KONG, Aug 16 (Reuters) – Chinese web titan Tencent Holdings’ (0700 HK) non-fungible token (NFT) system Huanhe will certainly no more launch electronic antiques to the general public, it stated on Tuesday, as regulative analysis of NFTs installs in the nation.

The Shenzhen-based firm stated that Huanhe, formally released early last August, will certainly no more launch brand-new NFTs to individuals from Tuesday. The firm claimed that proprietors of existing antiques will certainly still be able to hold, show or ask for a reimbursement for their properties.

” Based on the business’s factor to consider to concentrate on its core method, Huanhe is making modifications to its organization,” Tencent claimed in a declaration.

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Huanhe is among the largest NFT systems in China, with brand-new antiques commonly marketed out immediately upon launch.

The relocation notes a significant resort by Tencent from the NFT market, which has actually come und