Media: Tencent and Spotify plan to enter the NFT market

The streaming service QQ Music, owned by the Tencent Music joint venture between Chinese Tencent and Swedish Spotify, will launch a blockchain platform for NFT. The report comes from research firm EqualOcean citing informed sources.

The platform is reportedly in internal testing. With it, the service plans to issue music albums and “peripheral merchandise” as NFTs.

Colin Wu noted that the platform will also feature news content, video game assets, and other NFTs related to the activities of the Chinese Internet giant.

Exclusive: China’s largest Internet company Tencent will enter the NFT, including music, games, news content, etc. pic.twitter.com/LDTUFfaAaY

— Wu Blockchain (@WuBlockchain) July 30, 2021

Earlier, the South China Morning Post (SCMP), owned by Alibaba Group, Tencent’s competitor, reported plans to issue NFTs.

«SCMP aims to create a standardised metadata structure that anyone can use to tokenise history as NFTs», the document says.

Taobao, Alibaba Group’s online marketplace, allowed the sale of NFTs at the annual Taobao Maker Festival, which ran from July 17 to 25.

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