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Chinese tech giant Tencent is reportedly in the process of closing its digital collectible platform Huanhe after launching in August 2021, as Jiemian (in Chinese) reported, citing unnamed sources familiar with the matter.
Why it matters: Digital collectibles are China’s version of NFTs with some key differences, such as restrictions on the resale of these NFTs. Huanhe is supported by blockchains managed by Tencent and its partners. The end of Huanhe may also mean the end of collectibles bought on the platform, which has drawn buyer concerns.
Details: Chinese new platform Jiemian reported that Huanhe closed its external service earlier this month, citing an unnamed source.
Context: Since last year, major Chinese tech firms have launched NFT-related platforms. Apart from Tencent’s Huanhe, Ant Group launched a digital collectible platform called Topnod (JingTan in Chinese) on its AntChain in late 2021, while e-commerce giant JD launched an NFT platform called Lingxi last December.
Ward Zhou is a tech reporter based in Shanghai. He covers stories about industry of digital content, hardware, and anything geek. Reach him at ward.zhou[a]technode.com. More by Ward Zhou
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