News Snapshot:
Tencent to Shut Down Chinese NFT Platform Huanhe a Year after Launch, Report Says, Amid Declining Market “Chinese social media giant Tencent Holdings plans to shut down its non-fungible token (NFT) platform, which launched just one year ago, as Beijing’s strict ban on secondary markets for digital collectibles has largely killed its business potential, according to a report by Chinese media outlet Jiemian on Wednesday. The report, which quoted unidentified sources from Tencent, said that Huanhe, the unit that mints and distributes blockchain-based digital collectibles, will close as soon as this week.”
