Caixin
Jul 21, 2022 09:01 PM
FINANCE

Tencent’s NFT Unit to Lay Off Staff as Regulators Step Up Scrutiny

China’s ban on secondary trading means NFT platforms can host only a limited number of transactions and are unable make the kind of profits earned by their overseas counterparts.
China’s ban on secondary trading means NFT platforms can host only a limited number of transactions and are unable make the kind of profits earned by their overseas counterparts.

Tencent Holdings Ltd. is laying off staff at its non-fungible token (NFT) purchase and collection platform Huanhe (幻核), sources close to the Chinese internet giant told Caixin, amid intensified regulatory scrutiny over transactions in the tokens that aim to provide proof of ownership of digital assets such as works of art.

Huanhe, which has only been operating since August 2021, is also adjusting its development strategy to avoid regulatory risks, the sources said, although Tencent is still pursuing its plan to roll out an international version of Huanhe, other sources familiar with the matter said.

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