Chinese multimedia company Tencent Holding’s NFT trading platform Huanhe, from now on, will not release it’s digital collectibles to the public.
Huanhe, which was officially launched in the month of August said that it will stop launching it’s new NFTs to the users from Tuesday. However, the company has stated that the owners of the existing collectibles will still be able to hold, display or request a refund for their NFTs. Consequently, the main reason behind this move is the fall back of the Tencent from the NFT market. The company was been inspected more from the Chinese regulators.
Due to the state media’s repeatedly spotlighting about the issues going around NFT speculation in the country, the Tencent and Ant Group in June signed a deal to end the trading of digital collectibles and self-regulate their trading in the market.
Huanhe is one of the major NFT trading platforms in China, which often solds out new digital collectibles instantly upon launch. According to the company’s focus on it’s core strategy, Huanhe is now making the changes to its business.
