{"id":473904,"date":"2022-07-14T12:31:30","date_gmt":"2022-07-14T09:31:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tencent-shuts-down-nft-platform-as-gov-policy-makes-it-impossible-to-thrive\/"},"modified":"2022-07-14T12:31:30","modified_gmt":"2022-07-14T09:31:30","slug":"tencent-shuts-down-nft-platform-as-gov-policy-makes-it-impossible-to-thrive","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tencent-shuts-down-nft-platform-as-gov-policy-makes-it-impossible-to-thrive\/","title":{"rendered":"# Tencent shuts down NFT platform as gov policy makes it impossible to thrive"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2ed54f5065f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2ed54f5065f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/tencent-shuts-down-nft-platform-as-gov-policy-makes-it-impossible-to-thrive\/#%E2%80%9D_Tencent_shuts_down_NFT_platform_as_gov_policy_makes_it_impossible_to_thrive_%E2%80%9C\" >&#8221; Tencent shuts down NFT platform as gov policy makes it impossible to thrive  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Tencent_shuts_down_NFT_platform_as_gov_policy_makes_it_impossible_to_thrive_%E2%80%9C\"><\/span>&#8221; Tencent shuts down NFT platform as gov policy makes it impossible to thrive  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvOTViZTBlOGYtNDliZi00ZDdhLThhODMtNzIwZWMwZDZiOTIxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>China\u2019s 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.<\/p>\n<p>Tencent shut down one of its NFT platforms on July 1 while the other one is struggling to remain afloat. A <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/lanjinger.com\/d\/187588\">report <\/a>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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> by July&#8217;s first week.<\/p>\n<p>The primary reason for the slow down in sales and ultimate closure of Tencent\u2019s digital collectible platform is being blamed on flawed government policy that prohibits buyers from selling their NFTs in private transactions after purchase, which makes these NFTS not so lucrative. The lack of a secondary market kills any chance of making a profit on these digital collectibles.<\/p>\n<p>NFTs gained a lot of traction in China earlier this year with several tech giants such as Tencent and Alibaba showing interest and even launching their own digital collectible platforms. \u00a0However, with the rise in popularity, it also got attention from the government which has warned investors to be wary of frauds associated with these NFTs.<\/p>\n<p>In March, several Chinese <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> giants such as Weibo and WeChat started removing accounts associated with digital collectible platforms fearing a government crackdown. In June, Alibaba launched an NFT platform but soon\u00a0deleted all mentions of it from the internet.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Chinese court rules marketplace guilty of minting NFTs from stolen artwork<\/em><\/strong><\/p>\n<p>While the Chinese government is known for its anti-crypto stance where it has banned all types of cryptocurrency transactions in the country, there is no such outright ban against NFTs. However, big businesses and tech giants still dwell with caution, fearing strict actions from the Beijing government.<\/p>\n<p>Wu Blockchain, a China-focused Twitter handle, told Cointelegraph that citizens still sell their NFTs in the underground secondary markets but large tech firms such as Alibaba and Tencent can\u2019t afford to do so. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Tencent, China&#8217;s largest internet company, has shut down one of its digital collection (NFT) platforms, and another platform is not doing well. The reason is that the Chinese government does not allow users to conduct private transactions after purchasing.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/VYWS3TxKUF\">https:\/\/t.co\/VYWS3TxKUF<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1547468687183351808?ref_src=twsrc%5Etfw\">July 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Despite a ban on crypto trading, mining, and subsequent warning against NFTs, Chinese traders have always found a way to bypass strict regulatory crackdowns. For example, after the crypto mining ban in the country last year, China\u2019s share of Bitcoin miners dropped to zero from 60%. However, recent data suggest that China has\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/05\/18\/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.htmlhttps:\/\/www.jbs.cam.ac.uk\/insight\/2022\/bitcoin-mining-new-data-reveal-a-surprising-resurgence\/\">climbed<\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/05\/18\/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.html\" data-amp=\"https:\/\/www-cnbc-com.cdn.ampproject.org\/c\/s\/www.cnbc.com\/amp\/2022\/05\/18\/china-is-second-biggest-bitcoin-mining-hub-as-miners-go-underground.html\"> <\/a>back to the second spot again, indicating miners found a way despite strict measures taken by the government. Similarly, the number of NFT platforms in the country grew 5X in four months.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/tencent-shuts-down-nft-platform-as-gov-policy-makes-it-impossible-to-thrive\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Tencent shuts down NFT platform as gov policy makes it impossible to thrive &#8220; China\u2019s 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":473905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvOTViZTBlOGYtNDliZi00ZDdhLThhODMtNzIwZWMwZDZiOTIxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[77892,95118,80341,70677,4973,70934],"class_list":["post-473904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-crypto-collectibles","tag-nft","tag-tencent","tag-beijing","tag-china","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=473904"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473904\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/473905"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=473904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=473904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=473904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}