Ant Group revamped NFTs amidst China crypto crackdown
By MYBRANDBOOK
Tencent Holdings Ltd. and Ant Group Co.’s blockchain unit AntChain changed the name for NFTs on their platforms to “digital collectibles.” According to news reports, AntChain made the switch on Sept. 15.
Tencent and AntChain said their digital collectibles have no monetary attributes such as payment. They both don’t allow the resale of their NFTs for a profit, though local media reported that some of AntChain’s earlier products spurred speculative trades. AntChain requires owners to hold their NFTs for at least 180 days before they can be transferred for free to another party.
Due to the moves, the technology companies are getting ahead of another possible crackdown after the government this year banned all crypto-related transactions and vowed to stop illegal mining. While authorities haven’t called NFTs an illegal business, it’s a grey area in China where any player must tread carefully to avoid unwanted scrutiny. Both Ant and Tencent’s NFTs run on blockchains controlled by the two companies. Outside China, NFTs run on public protocols like Ethereum and are traded freely, and in some cases fetch millions of dollars.
AntChain “firmly opposes price speculation around NFT products” and decided to use “a more accurate description” for its business in September. The company launched its first digital collectibles in June via a mini program called “Fan Grain” embedded in Ant’s Alipay app.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
MATRIX COMSEC PVT. LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
MICROTEK INTERNATIONAL PVT. LTD.
EXIDE INDUSTRIES LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANDIP PATEL
Sandip Patel is the Managing Director for IBM India & South Asia regio...
Icons Of India : Dr. Arvind Gupta
Arvind Gupta is the Head and Co-Founder of the Digital India Foundatio...
ICONS OF INDIA : SUNIL BHARTI MITTAL
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
PARTNER SPEAKERS
PSU
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - Thomas Kurian, CEO- Google Cloud
Thomas Kurian, the CEO of Google Cloud, has been instrumental in expan...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
