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
Virtual Skies VIII
Series of minimal landscapes that venture into the virtual abstraction. Honoring the beauty of glitched/pixelated skies.........
Genesis
José Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
The dirty cape
Personal project
Shinobu-zuri, pages from an erotic illustrated book (pages 7 and 8)
Katsushika Hokusai (1760-1849) Shinobu-zuri, pages from an erotic illustrated book (pages 7 and 8) 1830 - Japan
Royal Bluematic
Hi-ya! I'm Royal Bluematic. All you need to know about me is I hate steak with a passion. I'm often described as vegan, and I own it. Can't wait to eat cereal with you!