Tencent will lay off an unknown number of staff in its domestic NFT marketplace team as it concentrates on a comparable platform aimed at international consumers, according to Forcast.
The management of the China-based company has apparently already been informed that the Huanhe domestic NFT platform would be shut down within the next week. Tencent News’ NFT trading tool was shut down earlier this month, it was reported.
Citing insiders, the Forkast report also noted that Huanhe had stopped collaborating with business partners since early July and had experienced slow NFT sales since June.
The change occurs less than a month after Chinese IT giants agreed to self-regulate and ban trading in NFTs on secondary markets. NFTs are also not clearly regulated in the nation, even if crypto trading is still prohibited. Launched in August 2021, Huanhe has grown to become one of China’s biggest NFT marketplaces.