Tencent shuts down Huanhe NFT marketplace

[Ambire]

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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[darkangel11]

It's not really a surprise since most NFTs were largely overvalued and their price pumped via fake sales.
In the bull market where everybody makes money and people have profits to allocate you'll find ones interested in spending a million dollars on a drawing of a penguin or a monkey, but in a bear market they become more cautious.

[TravelMug]

What do you expect?

https://www.sac.net.cn/tzgg/202204/t20220413_148867.html (used Google translate).

It was aptly titled "China Internet Finance Association China Banking Association China Securities Association Initiative on Preventing NFT-Related Financial Risks"

So for them to prevent it, they will have to shutdown Tencent. So everything that has risk doesn't sit well with the Chinese authorities. So I'm not surprised as well, they just let the market flourished and then if they see some possible threat on it, they shut it down immediately.

[so98nn]

China is already against crypto usage so this news does not startle much to the crypto community. However, its big sucker punch on the Tencent because they are one of the leading industries in the gaming and could have been actual game changer in the China for exchanging NFT at alarming rate. I was expecting they may have their own metaverse in gaming world to play to earn within gaming.

The situation in the Chinese crypto is really crumbling upon itself. First the mining operations halted, then currency bans and now big NFT firms backing out. Really sad for the china.