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Benzinga
Benzinga
Politics
Anusuya Lahiri

Here's Why Alibaba, Tencent Look To Tighten NFT Norms

BABA (Organization) Alibaba Tencent China Alibaba Group Holding Ltd NYSE Tencent Holdings Ltd WeChat
  • Citizens have to register with their real name to purchase NFTs and can only via Chinese Yuan. Chinese internet giants Tencent Holdings Ltd (OTC:TCEHY) and Alibaba Group Holding Ltd (NYSE:BABA) tightened specific rules on their respective NFT marketplaces to avoid further regulatory repercussions, CoinGape reports.
  • Alibaba’s platform Jingtan looked to report users using bots or software to mass-buy collectibles. It would also alert the police to any users found organizing suspicious transactions outside the platform.
  • Also Read: Alibaba’s NFT Marketplace Suspends Users Over ‘Massage Gun’ Purchases
  • China has banned NFT trading among third parties. Tencent’s social messaging app WeChat banned any programs promoting NFTs on its platforms. 
  • Tencent’s stand-alone NFT marketplace, Huanhe, did not appear to have changed its terms of service.
  • NFTs’ proximity to crypto has kept the status of digital collectibles tenuous in China. China recently swore to ensure stability in capital markets.
  • Price Action: BABA shares traded higher by 2.48% at $118.74 on the last check Wednesday.
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