Tencent Holdings, social media giant closed the platform Huanhe of non-fungible tokens platform subsequent to one year of the operation. The move also comes being a regulatory scrutiny of the NFTs mounts in entire country. Moreover, Huanhe got launch Aug as the way for the Tencent to cash also enhancing popularity of the non-fungible tokens. On the other hand, this platform has also hit hard through recent decision of china for outlawing the secondary trading related to the digital collectibles.
According to the report, Tencent retreats with pressure from the regulators also increased. Also, move marks with the major retreat from NFT market. It also has come under the enhanced level of scrutiny from the Chinese regulators in last few months. China rolled out the CBDC which also known as the central bank digital currency for public during year 2022 for expanding digital yuan pilot. Moreover, in the month of June, digital yuan transactions of China has amounted to almost 83 billion. The complete transactions also amount to almost 264 million, with 4.5 million above of the commercial outlets that signed for such service.
Reviewing of the NFT!
In the meantime, other nations just at beginning stages to develop their CBDCs. US has also declared that it may start the entire process of exploring the digital dollar. NFT is basically the kind of the digital asset which used for identifying the items as well as phenomena in realm of the blockchain. In last some of the years, the entire market of NFT has increased in level of the popularity. It also has been use in great variety of the applications. NFTs may even used for representing the music, digital art, videos, any different kind of digital content.
They may also used to simply represent the physical items, like tickets or the passes.
By referring the legal framework, transfer from various physical assets to the digital asset or the electronic assets simply facilitates interchange. Though, the difficulty stays about governing some new kind of the economies.