The Tencent NFT marketplace is slowing down as it faces a possible shutdown

Tencent’s non-fungible token (NFT) marketplace Huanhe has not issued a new NFT for sale in a month, the first time since last October, that no new NFTs have been given for an entire month.

Fast facts

  • Local media reported at the end of July that Tencent planned to shut down Huanhe before July 24 and lay off its employees.
  • Huanhe last issued NFTs on July 8.
  • A local media report cited an internal source saying Tencent is considering setting up an NFT market overseas.
  • A response from Tencent to Forkast’s request for comment regarding the shutdown speculation is yet to be seen, nor has it responded to the shutdown speculation publicly.
  • In response to authorities’ warnings about NFT hype and financialization, Huanhe has not allowed secondary trading of NFTs. Huanhe’s sales have been slow since June.
  • According to local media reports, Tencent’s Platform and Content Group, which includes Huanhe, began laying off 10 percent of its workforce in May.

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