Xavier Kong · · 1 min readTencent to focus on overseas NFT marketplace after local shutdowns
Tech giant Tencent will be dismissing an unknown number of employees in its domestic NFT marketplace team as it focuses its efforts on a similar platform targeting overseas users, Forkast reported.
The shutdown of the China-based firm’s domestic NFT platform, Huanhe, will happen within the week, with managers reportedly already notified. Earlier this month, it was revealed that Tencent News had closed down its NFT trading feature.
Citing insiders, the Forkast report also noted that Huanhe had stopped collaborating with business partners since early July and had experienced slow NFT sales since June.
The development comes less than a month after Chinese tech giants entered a self-regulation pact to stop the secondary trading of NFTs. There are also no clear regulations on NFTs in the country, though crypto trading remains banned.
Huanhe was launched in August 2021 and grew to become one of China’s largest NFT marketplaces.
See also: Tencent’s gameplay in a sea of troubles
Editing by Miguel Cordon and Lorenzo Kyle Subido
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