To comply with regulations, Big Tech companies have sought to keep a tight lid on NFT-related activities. Public accounts can only “display and support the initial sale of digital collectibles”, and operators must “provide proof of cooperation with a blockchain company that has been recognised by the Cyberspace Administration of China”, the person said. Mini programs are lighter versions of mobile apps that run completely within WeChat. The central government has been wary of NFTs, fearing a speculative bubble.Ī WeChat representative said in a written statement that the platform recently enforced “regulation and rectification on public accounts and mini programs that speculate on or resell digital collectibles”. The crackdown on NFT-related content comes as domestic digital collectibles, which cannot be resold for profit, have gained popularity among some Chinese consumers and investors. Tencent, Alibaba tighten NFT rules in preemptive move to avoid scrutiny The shuttered accounts can no longer be found in search results, and existing subscribers accessing the pages are greeted only with a line saying the accounts have “no legal permit or licence to publish, disseminate, or engage in related business activities”.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The accounts include Huasheng Meta and Spirit Leap, which said publicly that they were suspended after “being reported by others”. Tencent Holdings’ WeChat, China’s largest social network with more than 1.2 billion users, has frozen multiple accounts that market digital collectibles, the term typically used in China to refer to non-fungible tokens (NFTs) that cannot be bought or sold using cryptocurrencies.Īt least a dozen WeChat public accounts, used for publishing and pushing content out to followers, have been suspended for the last two weeks, according to a search by the South China Morning Post.
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