Interview due to NFT being regulated: Tencent and Ali responded like this

On the one hand, NFT is one of the encrypted assets, and some NFT products on the market are still denominated in encrypted currencies. But at present, cryptocurrency is facing a situation of strict supervision in China. On the other hand, NFTs released by platforms under the domestic Internet have repeatedly experienced sky-high price speculation.

Recently, Netcom has recently strengthened its supervision over the issuance of NFTs and the establishment of NFT platforms by Chinese Internet companies, and some Internet companies have been interviewed. At present, including Tencent (Magic Core), Alibaba (Ant Tablet), etc., the word NFT has been completely deleted and changed to “digital collection”.

A reporter from “Blockchain Daily” logged into the Alipay applet “AntChain Fan Tablet” and Tencent’s Magic Core App. There is indeed no NFT related words on the page, and the display is “digital collection”.

Today, an insider of Tencent Magic Core told the reporter of “Blockchain Daily”: “The NFT of Magic Core has been renamed to Digital Collection for some time, and it has nothing to do with supervision. The Chinese standard name of NFT is called non-homogeneous tokens. In terms of actual business, It is necessary to explain to each partner that it is compliant, this token is not the’coin’, and the name change is to facilitate business development.”

The person further stated: “The nature of things is in compliance with regulations. We have our own judgment. It is no problem if we change our name, and supervision will not let us change our name.”

AntChain told reporters: “We firmly oppose all forms of digital collection hype, and resolutely resist any form of illegal activities in the name of digital collections, which are actually virtual currency-related activities; resolutely resist any form of digital collection commodity prices. Malicious speculation, using technical means to ensure that commodity prices reflect reasonable market demand; resolutely resist any form of illegal activities such as equity transactions and standardized contract transactions in digital collections, and oppose the financial productization of digital collections.”

Although it is only a rename information, the supervision that may be triggered by NFT has also become the focus of attention in the industry.

On the one hand, NFT is one of the encrypted assets, and some NFT products on the market are still denominated in encrypted currencies. But at present, cryptocurrency is facing a situation of strict supervision in China.

On the other hand, NFTs released by platforms under the domestic Internet have repeatedly experienced sky-high price speculation.

In September this year, some users speculated the NFT price of the “2022 Hangzhou Asian Games Digital Torch” to 3.149 million yuan at the Ali auction. In June, when Alipay just launched Dunhuang Feitian NFT, a large number of buyers who bought these NFT payment code skins sold them on Xianyu, and the highest price had been up to 1.5 million yuan. Later, Xianyu removed all related sales links.

On September 24, the People’s Bank of China and other ten departments issued the “Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Speculation”, which strictly stipulated the handling measures for virtual currency speculation.

Although China has not yet included NFT in the category of virtual currencies, the industry believes that the hype caused by NFT transactions is likely to trigger the supervision of the NFT market and related platforms. This is also the most cautious aspect of Internet companies that issue NFTs such as Alibaba and Tencent.

After the Asian Games torch NFT sky-high price speculation time, AntChain issued a statement as soon as possible, stating that it has removed the illegal products from the shelves and will deal with the users accordingly. Digital collections based on the blockchain are still being explored, and all forms of hype are firmly opposed. Hype goes against the basic law of value, and the rise of false fire is harmful to society.

Currently, on the AntChain fan tablets, only holders of digital collections are supported, and they will be given to qualified Alipay real-name friends free of charge after holding them for 180 days. Ant said, “It needs to be emphasized that in accordance with legal requirements, the transfer function does not support any form of disguised hype. AntChain reminds everyone to pay attention to the risk of online fraud.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/interview-due-to-nft-being-regulated-tencent-and-ali-responded-like-this/
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