NFT marketplaces owned by Ant Group and Tencent updated their terms of use amid concerns about government crackdowns and lack of regulatory clarity. On WeChat, accounts of several platforms were removed for this reason, according to QQ News.
The measures aim to curb speculative trading and fraud, while NFTs as such are not subject to a blanket ban, the agency noted.
In October 2021, Ant Group and Tencent on their platforms and sites renamed the asset to ‘digital collectibles’. In early November, the companies signed with several government agencies a ‘self-discipline’ convention in this area.
Chinese authorities warned that NFTs and the metaverses could turn out to be bubbles, Ponzi schemes, or other forms of financial fraud.
Subsequently it was reported that on the state blockchain platform BSN an infrastructure for supporting non-crypto NFTs would be deployed.
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