China Internet Giants Revise Their Policy Regarding NFT Platforms

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Ant Group and Tencent-owned NFT marketplaces have updated their user agreements due to fears of government reprisals and a lack of regulatory clarity, QQ News reports.

For this reason, the accounts of a number of platforms have been deleted in WeChat.

According to the magazine, the measures are aimed at preventing speculative trading and fraud, while NFTs in general are not subject to a total ban.

Ant Group and Tencent changed the name of the asset to “digital collectibles” on their platforms and websites in October 2021. In early November, the companies signed a convention with several government agencies on “self-discipline” in this area.

The Chinese authorities have warned NFTs and the metaverse could turn out to be bubbles, Ponzi schemes, or other types of financial fraud.

Later, it became known that information appeared that an infrastructure baed on the state blockchain platform BSN would be deployed to support NFTs not related to cryptocurrencies.