Aditya Hadi Pratama · · 1 min readTencent, Ant, Baidu, others pledge to stop NFT secondary trading
Chinese firms – including titans Tencent, Ant Group, Baidu, and JD.com – have signed a vow to stop secondary trading of digital collectibles, Reuters reported, citing a report from Chinese state media Shanghai Securities News.
The pact, which involved 30 local firms, also includes requiring real names for transactions involving digital collectibles, as well as improving security on the blockchain used. Chinese businesses use “digital collectibles” as a descriptor to skirt around the disapproval of NFTs.
While the Chinese government currently does not have any specific regulations on NFTs, it has banned crypto trading.
Chinese companies such as Tencent and Ant Group have opened their online digital collectible marketplaces in recent months. Local electric vehicle giant Xpeng is selling NFTs through Alibaba marketplace Jingtan, while the official publication of the Chinese Communist Party, People’s Daily, is planning to make NFTs featuring traditional and modern Chinese paintings.
See also: First Luna, now Celsius. What’s behind the latest crypto crisis?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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