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Ant Group and Tencent change NFT references

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Chinese tech giants Ant Group and Tencent have changed “non-fungible tokens” (NFT) reference to “digital collectibles” on their platforms and websites. Jiemian reported this.

Thus, according to the latest display on its page, AntChain Fan Tablet defines “digital collections” as “virtual digital goods”. While Tencent’s NFT trading Magic Core defines “digital collections” as a “virtual proof of stake”; emphasizing that they do not possess the attribute of “virtual currency”. At the same time, both sides stressed that as a “virtual item”; after the exchange of a digital collection, they do not support return.

In a comment to the publication, Tencent representatives explained that changes reflect the company’s commitment to compliance with regulatory requirements. Moreover, Ant Group announced the fight against market speculation and hype regarding digital collectibles.

The majority of NFT buyers

Journalist Colin Wu, citing his own sources, said that regulators have banned Internet companies from using the name “NFT” and have strengthened market surveillance.

Recall that previously In September, state media warned citizens against buying NFT due to a potential bubble in the sector. The statement says that the majority of NFT buyers are focused exclusively on financial speculation. And not on the visual qualities of the token.

“Once market enthusiasm wanes and the hype cools, the value of these many strange NFTs will greatly decrease,” wrote reporter Wang Junhui.

Opening trading platforms

Colin Wu noted that against this background, Chinese Internet companies are actively entering the sphere.

In addition to opening trading platforms Ant Group and Tencent, their NFT collections have recently been released JD.com, McDonald’s China and DHL China.

Earlier in July, the Chinese online store Taobao, part of Alibaba Corporation, allowed the sale of NFT at its Taobao Maker Festival. NEAR Protocol project team has entered into a collaboration with Web3Games and Chinese artist Huang Heshan to implement NFT-“real estate”.

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