In China, NFTs aren’t addressed as NFTs; instead, they are called digital collectibles. China has extreme views about NFTs or non-fungible tokens, so many tech giants have adopted the alternate name, digital collectibles.
According to Tencent, people who already own digital collectibles from Huanhe will still hold, exhibit, or request a refund but they won’t be able to trade NFTs on the platform. Tencent has been quite careful with launching NFTs in mainland China. Previously, it also signed an agreement with other tech companies to self-regulate and disallow secondary sales of NFTs.
The rumors of Huanhe shutting down had already surfaced after Chinese regulators began tightening the regulations against NFTs. Today, Tencent finally closed off the platform officially. Since China is home to many leading global tech companies, the struggle of allowing NFTs and crypto have become a challenge for them.