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The largest internet company in China, Tencent, is closing its NFT marketplace Huanhe due to low profits after the Chinese government banned secondary NFT sales. The marketplace has reportedly stopped working with its business partners since early this month.
Huanhe, built on Tencent’s blockchain, launched a year ago. It has been the most popular and largest NFT marketplace in China.
According to Forkast, Huanhe’s sales have been down since June, when only three out of ten NFT series sold out. In earlier months, all collections would usually sell out quickly. Forkast also reported that in the last 30 days, Huanhe released 158,994 NFTs.
Tech Node gave another example of slow sales in Tencent’s NFT marketplace. Master Hong Yi’s calligraphy NFTs, consisting of 20,245 collectibles, hadn’t been sold since late June, which led to Huanhe taking down the collection.
Tencent has already shut down its Tencent News NFT marketplace, which launched in January. Wang Shimu, the former head of Tencent News, was transferred to Huanhe.
The founder of Tron Network, Justin Sun, tweeted that Tron DAO is planning to acquire HuanHe.
The China Times, however, reported that Huanhe told them that the marketplace was operating as usual. The Chinese tech giant probably won’t leave out NFTs in its other businesses. Earlier this month, Tencent began testing NFTs as PFPs on its QQ music platform.
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