Ant Group revamped NFTs amidst China crypto crackdown
By MYBRANDBOOK
Tencent Holdings Ltd. and Ant Group Co.’s blockchain unit AntChain changed the name for NFTs on their platforms to “digital collectibles.” According to news reports, AntChain made the switch on Sept. 15.
Tencent and AntChain said their digital collectibles have no monetary attributes such as payment. They both don’t allow the resale of their NFTs for a profit, though local media reported that some of AntChain’s earlier products spurred speculative trades. AntChain requires owners to hold their NFTs for at least 180 days before they can be transferred for free to another party.
Due to the moves, the technology companies are getting ahead of another possible crackdown after the government this year banned all crypto-related transactions and vowed to stop illegal mining. While authorities haven’t called NFTs an illegal business, it’s a grey area in China where any player must tread carefully to avoid unwanted scrutiny. Both Ant and Tencent’s NFTs run on blockchains controlled by the two companies. Outside China, NFTs run on public protocols like Ethereum and are traded freely, and in some cases fetch millions of dollars.
AntChain “firmly opposes price speculation around NFT products” and decided to use “a more accurate description” for its business in September. The company launched its first digital collectibles in June via a mini program called “Fan Grain” embedded in Ant’s Alipay app.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
FIREBOLTT
JUVAS SOLUTIONS PVT. LTD.
VVDN TECHNOLOGIES
SAMRIDDHI AUTOMATIONS PVT. LTD.
Technology Icons Of India 2023: Kulmeet Bawa
Kulmeet Bawa resides as President & Managing Director, SAP Indian subc...
Technology Icons Of India 2023: Deepinder Goyal
Deepinder Goyal is the Founder and CEO of Zomato. Deepinder, or Deepi,...
Technology Icons Of India 2023: Debjani Ghosh
Debjani Ghosh is the first woman president of NASSCOM (the umbrella bo...
TCIL continues to strengthen India with its technology expertise
TCIL undertakes consultancy & turnkey projects in the field of Telecom...
GeM maintains transparency in online procurement of goods & services
Created in a record time of five months, Government eMarketplace is a ...
BEL leveraging next generation technologies to keep the country ahead in Defence space
Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry ...
SONATA INFORMATION TECHNOLOGY LIMITED
Sonata Software Limited is a leading Modernization engineering company...
ADITYA INFOTECH LTD.
Aditya Infotech Ltd. (AIL) – the technology arm of Aditya Group, is ...
IRIS GLOBAL SERVICES PVT. LTD.
Iris Global services is one of the leading distribution houses that d...