Tencent's Huanhe marketplace for non-fungible tokens (NFTs) will be shutting down this week, according to sources cited by Shanghai-based technology news outlet Jiemian. The move comes less than a year after the marketplace launched.
Tencent has been a major player in the crypto space, with its WeChat messaging app being one of the most popular ways to buy and sell cryptocurrencies in China.
However, the company has been cautious about getting involved in NFTs, with Huanhe being its only foray into the space.
The shutdown of Huanhe is likely to be a setback for the development of NFTs in China. However, it remains to be seen if other Chinese companies will follow Tencent’s lead and launch their own NFT marketplaces.
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