Media: Ant Group and Tencent distance themselves from the term ‘NFT’

Chinese technology giants Ant Group and Tencent have changed the term ‘non-fungible tokens’ (NFT) to ‘digital collectibles’ on their platforms and sites. Jiemian reports.

On the AntChain Fan Tablet platform, assets are now defined as ‘virtual digital goods’.

Tencent’s Magic Core platform, regarded as China’s first NFT marketplace, defines assets as ‘virtual proof of rights’.

On both platforms, it is stressed that digital collectibles do not possess attributes of ‘virtual currency’.

In a statement to the publication, Tencent representatives explained that the changes reflect the company’s commitment to regulatory compliance. Ant Group said it was fighting market speculation and the hype surrounding digital collectibles.

Journalist Colin Wu, citing his own sources, reported that regulators have prohibited Internet companies from using the term ‘NFT’ and have tightened market oversight.

Earlier, statements by authorities regarding the regulation of the cryptocurrency market did not mention collectible assets. In September, state media warned citizens against buying NFTs due to a potential bubble in the sector.

Wu noted that against this backdrop Chinese Internet companies are actively entering the space: besides launching marketplaces for Ant Group and Tencent, NFT collections were recently released by JD.com, McDonald’s China and DHL China.

Earlier, the Alibaba-affiliated Chinese online marketplace Taobao allowed the sale of NFTs at its festival.