Alibaba's NFT Marketplace Blocks Users For Speculative Behavior
Alibaba's non-fungible token marketplace Jingtan suspended more than 680 accounts for one year for using computer programs and massage guns to make instant purchases. According to a Jingtan representative, the company's technical department believes that some customers have used massage guns to perform continuous and fast mouse clicks over the "buy" button to make NFT purchases. Computer-assisted accounts have also spammed the "buy" button to gain an advantage over regular customers trying to manually click the button.
State media have issued warnings against speculative behavior, however mainland investors are finding new ways to profit from NFTs as digital collectibles trade at significantly higher prices on online resale marketplaces. NFT marketplace theOneArt penalized a group of traders last week for using similar strategies to buy NFTs.
Jingtan called such actions "cheating" and a violation of the rules of fair purchasing on its platform. The representative said the NFTs in blocked users' wallets would not be confiscated, but "harsher penalties" would be applied to repeat offenders.