Storm in a teacup? WeChat bans account for flipping NFTs

Clara D. Flaherty

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The ban comes as Chinese firms seek to comply with Beijing’s diktat towards speculative activity in non-fungible tokens (NFTs).

See connected report: China’s diktat towards NFT flipping spawns an ingenious industry

Rapidly details

  • WeChat banned the formal account of a Chinese NFT platform for “business actions similar to secondary investing of digital collectibles or cryptocurrency.”
  • “Digital collectibles” is a phrase made use of in China to avoid reference to NFTs thanks to point out media denouncing speculative things to do encompassing the electronic property.
  • The NFT marketplace, named “NFtea,” presents a platform to trade “digital collectibles” showcasing large-stop tea solutions.
  • Official accounts on the ubiquitous Chinese social messaging app are subject matter to disciplinary motion or even a permanent ban if observed associated in flipping “digital collectibles.”
  • In a People’s Each day commentary printed on Thursday, Countrywide Press and Publication Administration blockchain copyright director Liu Tianjiao wrote that digital collectibles will take pleasure in copyright safety only immediately after a evaluation.

See connected article: China-run media outlet criticizes NFT platform as a payment danger

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