• Does Chinese tech giant Tencent plan to enter the NFT market soon?

  • Chinese tech giant Tencent appears to be planning to enter the NFT market soon amid a growing craze for NFTs among Chinese investors.

    Sources say China’s largest internet company Tencent will enter the NFT with music, games, news content and more.

    Amid the recent crackdown on public cryptocurrencies by the government and top regulators, Chinese tech companies are now populating to take full advantage of the NFT market.

    Chinese tech companies adopting NFTs

    Earlier this month, Alibaba’s new English-language publication will release NFTs for some of its most popular news.This is an interesting new way to monetize some of the most popular pieces from the digital new publication.

    Taobao, another Alibaba subsidiary and e-commerce giant, sold non-counterfeitable tokens (NFTs) at its Taobao Creators Festival. At the festival, Taobao showcased the artwork of Huang He Shan. These NFTs included a massive collection of 300 virtual apartments, 10 houses and 350 parking spaces in Torridge, all of which were sold within minutes.

    When such large companies join the NFT bandwagon, the market is likely to have a strong way forward. Moreover, their addition will give hope to Chinese investors who have been struggling to get into the cryptocurrency space. Moreover, it could change the entire NFT landscape in China going forward.

    At this point, the NFT gaming market is growing at a much faster pace. Just as there was a Defi boom in the summer of 2020, there has been an NFT boom this summer as well. Trading volumes for NFT games have skyrocketed in the past few weeks, with NFT tokens trading eight times more than Defi tokens in the past week.

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