Tencent has decided to close down its Huanhe NFT marketplace, reflecting the challenging landscape for digital collectibles in the country.
Due to recent low sales figures, Tencent is pulling the plug on Huanhe, which has not been engaging with its partners since the beginning of the month. The NFT marketplace struggled to sustain its operations after the government imposed restrictions on secondary market transactions.
Huanhe, which was built upon Tencent’s advanced blockchain infrastructure, opened its virtual doors just a year ago and quickly became the top destination for NFT enthusiasts in China.
According to Forkast Sales volumes for Huanhe have tumbled since June, where a mere three out of ten NFT series successfully sold out. In contrast, previous months had witnessed enthusiastic buyers clearing the shelves in no time. Reports indicate that the platform launched 158,994 NFTs over the last month alone.
Tech Node gave In yet another sign of the sluggish market, Master Hong Yi’s line of calligraphy NFTs, which totaled 20,245 individual items, remained unsold since late June, prompting the withdrawal of the collection from Huanhe.
This isn't the first NFT initiative Tencent has paused — the Tencent News NFT marketplace, established earlier in the year, has already been shut down, with its former head Wang Shimu now overseeing Huanhe.
Justin Sun, the founder of the Tron Network, has shared thoughts on Twitter, revealing that Tron DAO is eyeing a takeover of Huanhe.
The China Times, however, reported An informative guide on how to create an NFT without any cost and insights on selling it in 2022. testing NFTs as PFPs on its QQ music platform.
Read related posts:
Disclaimer
In line with the Trust Project guidelines Agne is a committed journalist who tracks the latest developments in the metaverse, AI, and Web3 spaces for Metaverse Post. Her enthusiasm for storytelling has led her to engage in numerous interviews with industry experts, aspiring to bring to light compelling and captivating narratives. With a Bachelor's in Literature, she has a rich history of writing across a variety of subjects, including travel and culture. She's also lent her editorial skills to an animal rights organization, raising awareness about this vital cause. Reach out to her at
