NFTs Under Surveillance; WeChat Blocks Public NFT Trading Accounts

Amid the crypto ban in China, WeChat, the largest social media platform in China is reported to have blocked NFT trading-related accounts. It has blocked almost 10 public accounts. This made the contents in the NFT-trading public accounts unavailable to access.

The blocked NFT accounts are iBOx, Art Meta, One Meta, Huasheng Meta, and Yidianshucang. Trading through the NFT platforms is done with the Chinese yuan, unlike a cryptocurrency used in other NFT trading platforms.

Notably, the WeChat messenger app has nearly 1.2 billion users and is considered the largest social media platform in China. In 2021, the Chinese government banned cryptocurrencies, yet it allowed NFT and other blockchain technologies to pursue their growth.

To note, Blockchain Services Network, a state-backed Chinese blockchain company, had planned to unfold an infrastructure that will allow people to create, sell, and buy NFTs.

It is in the middle of these NFT developments, WeChat has blocked the NFT accounts. However, WeChat responds that its action targets to avoid illegal activities with crypto and NFT transaction features in it.

To add, the official NFT accounts showing NFT collections and primary transactions are devoid of the ban. However, these accounts have to present a confirmation document depicting cooperation with any blockchain company registered and approved by the Cyberspace Administration of China.

Owned by Tencent Holdings, WeChat is the largest social media platform in China. It was launched in 2011 and serves as a multi-purpose instant messaging app with a huge number of users.