• Tencent climbs on the NFT bandwagon with new trading app

  • Chinese internet giant Tencent is entering the world of unforgeable tokens with the launch of an NFT trading platform called Phantom Core.

    The tech conglomerate has launched the Phantom Core app on its Android app platform – built on the company’s own Zhixin chain.

    According to Tencent, its first sale of 300 audio NFTs is based on the famous Chinese talk show “Thirteen Girls” and will be sold for 18 yuan ($2.78) each.

    Tencent isn’t the first Chinese tech giant to jump on the NFT bandwagon. Alibaba’s affiliate Alipay, one of China’s leading payment apps, sold 32,000 pieces of NFT art in a single day in June. Taobao, Alibaba’s Chinese online shopping platform, also sold NFTs at its annual shopping festival last month.

    Annabelle Huang, a partner at Amber Group, a cryptocurrency financial services firm based in Hong Kong, told us last month that NFTs could be the next big thing in China.

    “Before May, a lot of people working in cryptocurrencies in China were miners, and mining was a legitimate business model. But since the ban and the big migration [of cryptocurrency miners from China], people are looking for the next thing,” Huang said.” NFT itself is not [an initial token offering], it’s not cryptocurrency pump-and-dump, so to speak, so I think the government, the regulators, are being more friendly.”

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