Storm in a teacup? WeChat bans account for flipping NFTs

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

Fast facts

• WeChat banned the official account of a Chinese NFT platform for “business activities related to secondary trading of digital collectibles or cryptocurrency.”
• “Digital collectibles” is a phrase used in China to avoid reference to NFTs due to state media denouncing speculative activities surrounding the digital assets.
• The NFT marketplace, named “NFtea,” offers a platform to trade “digital collectibles” featuring high-end tea products.
• Official accounts on the ubiquitous Chinese social messaging app are subject to disciplinary action or even a permanent ban if found involved in flipping “digital collectibles.”
• In a People’s Daily commentary published on Thursday, National Press and Publication Administration blockchain copyright director Liu Tianjiao wrote that digital collectibles will enjoy copyright protection only after a review.