• To combat speculation, Alipay has added a cooldown feature to NFTs

  • According to Chinese media, the Chinese payments app Alipay now requires users to keep NFTs for 180 days before transferring them.

    The terms of use for Alipay’s NFT marketplace mini-program, an app within the super-app, have been updated.

    According to Alipay, China’s second most popular digital payments app, the mini-program should not be used for speculation.

    According to the terms, users can only send NFTs to accounts that have passed real-name verification.

    The terms also state that the creator or issuer owns the copyright to digital works and that buyers may not use them for commercial purposes without permission.

    The mini-program is primarily for fans looking to purchase NFTs of celebrity memorabilia.

    The global NFT market has been expanding, with marketplaces reaching all-time high transaction volumes.

    Chinese financial regulators are vehemently opposed to market speculation, a position they have frequently reiterated in relation to highly volatile cryptocurrency markets.

    After its IPO was abruptly halted last year, Alipay’s parent company, Ant Group, has been attempting to “rectify” its standing with regulators for nearly a year.

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