Ant Group and Tencent Distance Themselves from Term NFTs

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China-based tech companies Ant Group and Tencent have changed the term “non-fungible tokens” (NFTs) to “digital collectibles” on their platforms and sites, Jiemian reports.

At AntChain Fan Tablet, assets are now defined as “virtual digital goods.”

Tencent’s Magic Core platform, which is considered China’s first NFT marketplace, defines assets as “virtual proof of rights.”

Both venues emphasize digital collectibles do not have “virtual currency” attributes.

In a commentary to the publication, Tencent representatives have explained the changes reflect the company’s commitment to regulatory compliance. Ant Group has announced its fight against market speculation and hype over digital collectibles.

Journalist Colin Wu said citing his own sources regulators have banned Internet companies from using the NFT name and increased market surveillance.