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Tencent To Cut Domestic NFT Marketplace Team, Report Says
Launched last August, Huanhe has grown to be one of the largest NFT marketplaces in China within less than a year.
Ankita K.
7:55 22nd Jul, 2022
NFTs

Tencent will lay off an undisclosed number of its mainland China non-fungible token (NFT) marketplace team and adjust the platform’s business strategy, as it prepares another NFT marketplace serving overseas users, sources close to Tencent said, Chinese financial media Caixin Thursday reported.

Huanhe is due to close within the week and managers have been notified of the shutdown, while the marketplace stopped collaborating with business partners since early July, Tencent insiders said, according to Chinese media Jiemian’s reports this week.

Tencent has not issued a public response to reports of the shutdown as of press time.

However, Chinese authorities have consistently warned about financial speculation and hype surrounding NFTs, which made Chinese marketplaces reluctant to allow NFT secondary trading — Huanhe reportedly hasn’t allowed secondary transactions of NFTs.



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