Tencent launches NFT trading platform Huanhe

August 3, 2021 2:42 am

Chinese tech giant Tencent launches NFT trading platform Huanhe (幻核) on August 2.

Details: 300 audio NFTs based on the well-known talk show "Shisanyao"(十三邀) will be sold on the platform, and the unit price is 18 yuan ($2.79), people familiar with the matter told press.

NFT stands for non-fungible token, which means that it has unique properties and therefore cannot be interchanged with other things. Digital tokens can be considered as certificates of ownership of virtual or physical assets. Through NFT, artworks can be "tokenized" to create digital ownership certificates that can be bought and sold.

Context: Although China has been cracking down on crypto mining and trading activities for months, NFT seems to have survived. In June, Alipay, the fintech affiliate of Alibaba, launched in China 8,000 limited-edition NFTs based on two pieces of artwork to commemorate the ancient artwork from the Dunhuang Caves. The firm has put on sale the two NFT-backed app images, with the items quickly selling out.

Following Alibaba, a workshop under NetEase also recently released its first IP-to-NFT work in late June, with a limited edition of 333 pieces worldwide.