01/04/2022 China's biggest messaging app WeChat suspends NFT accounts

GP: WeChat

China has not released specific regulation around non-fungible tokens. But technology platforms like Tencent's WeChat are taking a cautious approach to prevent speculation with NFTs.

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Tencent's WeChat has suspended some accounts associated with so-called non-fungible tokens (NFTs) and clarified the rules around these digital collectibles.

NFTs are effectively digital tokenssuch as artwork that have boomed in popularity with some selling for several millions of dollars. They're usually based on a blockchain platform, mainly Ethereum, with people paying for the tokens in cryptocurrencies.

But China has taken a tough stance on digital currencies,banning the trading of them in the country.NFTs in China are not bought with cryptocurrencies. Instead, people pay with the Chinese yuan. They're also not built on a blockchain like Ethereum. Instead they are built on other blockchains that the regulators have oversight of.

However, there is no regulation of NFTs yet in the country. Users can buy these digital collectibles from a marketplace but secondary trading is heavily restricted. Because NFTs can be speculative, technology companies are taking a cautious approach so as not to get on the wrong side of any upcoming regulation.

Tencent said it has "rectified" public accounts on WeChat in order to prevent the risk of speculation in digital currency transactions.

A Tencent spokesperson did not confirm accounts had been suspended. But WeChat's official account on Twitter-like service Weibo responded on Wednesday to a post by local media that reported the accounts were banned.

It clarified the rules around NFT accounts on its platform. Official accounts verified by Tencent can display digital collectibles but cannot offer secondary sales. They have to provide a certificate to show they are registered and approved by China's cyberspace regulator.

Tencent said WeChat mini programs can only display NFTs.Mini programs are light versions of apps that run inside WeChat.

Arts

https://www.cnbc.com/amp/2022/03/31/chinas-biggest-messaging-app-wechat-suspends-nft-accounts.html

Interesting NFTs
The River of Emeralds
Golden conditions at one of my favorite locations in the Rockies. The light, the colors, the textures; what more can you ask for? I just loved the way this river flowed into the sunset and the mountains in the background. It's rare you find a scene as perfect as this one. But when you do, you have to take advantage of it.
taro
conceptual art. drawing and digitally processed
Dai ni-danme (Act II), the house of Wakasanosuke. Honzo lopping the pine-branch, from the series Newly Published Perspective Picture of the Loyal Retainers
Katsushika Hokusai (1760-1849) Dai ni-danme (Act II), the house of Wakasanosuke. Honzo lopping the pine-branch, from the series Newly Published Perspective Picture of the Loyal Retainers 1801-1804 - Japan
CryptoPunk 4156
By C352B5
Crossroad
LIMITED EDITION 1/1 | includes signed limited edition prints of all 3 states (pre-election, Trump win, Biden win) This piece is a first for Nifty, a token that will change based on the outcome of the election. If anything is constant about the times we now live in, it's uncertainty. This uncertainty is perfectly encapsulated in this piece of artwork as the person buying the piece will not know the final artwork. The artwork will be one state at auction before the election, and after the results of the election are known, will forever change to reflect a Trump or Biden win. PLEASE FUCKING NOTE: If trump wins, this token will change to that video of sexy boi king trump stomping through hell FOREVER. I don’t want you coming back to me bitching that you spent $2M* on this and now it’s a video of orangeman going HAM and it’s keeping u up at night popping mad boners. should have voted bruh. *and stfu that this isn’t gonna be worth a fuckton more when I hit 30 years of everydays and have a permanent collection in the MOMA. smh.