Chinese Internet Firm Shuts Down NFT Platform Due to ‘Slow Sales’

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  • Tencent has closed one of its NFT trading platforms due to slow sales.
  • The report alleged that Tencent only had paintings by famous teachers, with the comment section flooded with users requesting refunds.
  • Shanghai Municipal People’s Government, on the other hand, is embracing blockchain, cryptocurrency, and NFT in its digital economy future.

Tencent, China’s largest internet company, has shut down one of its digital collection platforms due to “slow sales,” according to a report.

A Chinese report said that Tencent had replaced the “Digital Collections” section in its original APP with “Digital Orders,” leaving a note that they are “suspending the sales service of digital collections.”

The report also noted that Tencent only has the introduction of paintings by famous teachers such as Qi Baishi, Pan Tianshou, and Fu Baoshi, with the comment section flooded with users requesting refunds.

A holder told BlueWhale Finance that compared with other platforms, the digital collections released by Tencent had “slow sales,” and some works were in an unsalable state.

According to Tencent’s financial report for the first quarter of 2022, the group’s total revenue was over $20 billion, down by 6%. And under non-IFRS, net profit was above $3 billion, but down by 23% year-on-year.

In related news, the Shanghai Municipal People’s Government of China is going all out to embrace blockchain, cryptocurrency, NFT, and the metaverse. This was captured in its five-year plan to develop its digital economy sent to governments of all districts and the municipal government’s committees, offices, and bureaus. 

The country will develop open source platforms, NFTs, and other business models to accelerate the exploration of digital technology applications in virtual assets, artworks, intellectual property, games, etc. This is an exciting development that comes after years of bans and regulations.