• Tencent joins the NFT bandwagon with a new trading app

  • Tencent, the Chinese internet giant, has entered the world of non-fungible tokens by launching Huanhe, an NFT trading platform.

    Key points

    The Huanhe app, built on the company’s own Zhixin chain, is now available on the Android application platform.

    According to Tencent, its first sales will include 300 audio NFTs based on the well-known Chinese talk show Shisanyao, which will be sold for 18 yuan (US$2.78) each.

    Tencent is not the first Chinese tech behemoth to jump on the NFT bandwagon. In June, Alibaba affiliate Alipay, one of the country’s most popular payment apps, sold 32,000 pieces of NFT artwork in a single day. Taobao, a Chinese online shopping platform owned by Alibaba, sold NFTs at its annual shopping festival last month.

    Last month, Annabelle Huang, a partner at Hong Kong-based crypto financial services firm Amber Group, told us that NFTs could be the next big thing in China.

    “Before May, a large portion of the crypto community in China was comprised of miners, and mining was a legitimate business model. However, “since the ban and the massive migration [of crypto miners from China], people are looking forward to the next thing,” Huang explained. “Because NFT is not a [initial coin offering], it is not a crypto pump-and-dump, so I believe the government, the regulator’s attitude, is more favorable.”

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