Tencent, China's largest tech company, launches NFT platform

Key facts:
  • The project was launched with 300 NFT worth USD 2.8 each.

  • The project is currently in the testing phase.

Amid China’s controversial decisions in its veto against Bitcoin, one of its tech giants, Tencent, has decided to launch an NFT platform called Huanhe. In a first stage the company put on sale the collection called “TME Digital Collectibles” consisting of 300 pieces, with a value of USD 2.8 each.

The information was released through the Chinese portal Wu Talk on Monday, August 2. While it was known about the launch of the NFT trading platform, the portal offered information that QQ Music, Tencent’s music streaming

platform, is already in testing phase to integrate the NFTs of this collection.

If NFTs come to QQ Music, Tencent’s collectible tokens could be expected to reach several of its digital platforms. This, taking into account that this company is a subsidiary of companies like Riot Games, developer of the game League of Legend, Reddit, the famous online forum platform, or even WeChat, considered the Asian Whatsapp.

Tencent, China's largest tech company, launches NFT platform Each NFT is composed of a song and an image of a vinyl record. Source: Huanhe app.

At the moment it is not clear on which Blockchain the NFTs will be running, or if they will even be on Tencent’s own platform.

For those who wish to purchase the NFTs, they will have to download the app for Android. It should be noted that, although this app

is already available in several official portals in China, it is not available in Google’s Play Store.

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NFT fever in China and its anti-Bitcoin policies

Tencent is not the first digital giant to bring NFT to China. Last June

, Alipay, a subsidiary of the Alibaba conglomerate, put 32,000 pieces of art for sale as NFT on its platform.

The arrival again of NFT in China, occurs at a rather particular time, and is that the Asian country has set a rather rude stance against Bitcoin exchange trade police. These range from banning mining in more than 8 provinces of the country, to limiting, by the central bank, that the <a href=”https://www.criptonoticias.com/mineria/8-provincias-china-d

onde-prohibio-mineria-bitcoin/” target=”_blank” rel=”noopener”>companies offering Bitcoin-related services. According to some reports, China is setting the stage to launch its digital yuan, with Bitcoin being the first competitor to get out of the way.

While it seems a clear scenario against Bitcoin, China seems not to be completely closed to the realm of cryptocurrency products, as is the case with Tencent and its new NFT platform.