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Storm in a teacup? WeChat bans account for flipping NFTs

source-logo  forkast.news 21 June 2022 03:33, UTC

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.
forkast.news