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Chinese Marketplace Repurchases NFTs, Citing Uncertain Policies
Non-fungible token (NFT) marketplace Yucang Digital Collectibles announced that it is buying back assets sold on its platform due to lack of regulatory clarity.
Ankita K.
5:16 28th Jun, 2022
NFTs

The marketplace said operations will continue, but sales and transfers of digital collectibles will be frozen and new user registrations will not be accepted.

The marketplace said a lack of regulatory clarity presents risks to local NFT businesses.

“Digital collectibles” is a phrase used by Chinese companies to avoid reference to NFTs due to state media denouncing NFT speculation.

According to posts from Yucang’s official WeChat account, the platform was set up two and a half months ago, and has only sold one batch of digital collectibles since then.

Yucang is built on the Hundsun Chain, which is built by Shanghai Stock Exchange-listed firm Hundsun and approved by the local cyberspace watchdog.

Image: Yucang Digital Collectibles

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