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WeChat, the Chinese multi-purpose instant messaging, social media, and mobile payment application developed by Tencent has suspended dozens of accounts on its platform that are linked to non-fungible tokens of NFTs.
NFTs are digital tokens like artworks or other virtual assets that are based on the blockchain. Its popularity has recently exploded, with creators and artists making millions by selling their virtual assets. Now, WeChat was said to have suspended NFT accounts and the company also clarified its policies related to digital collectibles.
According to CNBC, China has taken a strict stand on digital currencies, and in fact, it banned crypto trading in the country. This is why NFTs are not purchased with digital coins there but rather, buyers pay using the nation’s yuan currency.
The NFTs themselves are not built on Ethereum like usual, but these are built on a blockchain that is controlled by Chinese regulators. There is also no policy yet regarding NFTs as well but the officials are watching strictly. People can only buy non-fungible tokens from a marketplace that is heavily restricted.
With the restrictions, Tencent said it had fixed public accounts on WeChat to avoid the risk of speculation in digital currency transactions. But then again, the company’s spokesman did not confirm the company has suspended accounts.
SCMP reported that WeChat is the largest social network in China, and it has over 1.2 billion users. Of this number, the exact number of the frozen NFT accounts was not revealed but it includes Huasheng Meta and Spirit Leap. These account holders shared with the public that they were suspended after being reported by other users.
The accounts are no longer available, and subscribers who would like to visit their pages are welcomed with messages saying the accounts have “no legal permit or license to publish, disseminate, or engage in related business activities.”
It is clear that WeChat started censoring NFT operators to comply with related regulations in the country. The striking of the accounts was said to have actually started late last month and it already suspended a local digital collectible platform then.
