Ant Group and Tencent distanced themselves from the term "NFT"

Chinese tech giants Ant Group and Tencent have changed the term “non-fungible tokens” (NFT) to “digital collectibles” on their platforms and sites.

At AntChain Fan Tablet, assets are now defined as “virtual digital goods”.

Tencent's Magic Core platform, which is considered China's first NFT marketplace, defines assets as "virtual proof of rights."

Both venues emphasize that digital collectibles do not have “virtual currency” attributes.

In a commentary to the publication, Tencent representatives explained that the changes reflect the company's commitment to regulatory compliance. Ant Group has announced its fight against market speculation and hype over digital collectibles.

Journalist Colin Wu, citing his own sources, said that regulators have banned Internet companies from using the NFT name and tightened market surveillance.

Previously, collectible assets were not mentioned in the statements of the authorities regarding the regulation of the cryptocurrency market. In September, state media warned citizens against buying NFTs due to a potential bubble in the sector.

Against this background, Chinese Internet companies are actively entering the sphere: in addition to opening trading platforms Ant Group and Tencent, JD.com, McDonald's China, and DHL China recently launched their NFT collections.