Users of Tencent Music’s Digital Collection Platform Demand Refund

Ever since Huanhe, a digital collection platform owned by Tencent, stopped distribution on August 16, Tencent Music Entertainment’s digital collection platform has also attracted users’ attention. Some have demanded a refund like Huanhe, China Blockchain News reported on September 1.

Recently, under the topics of “TME Digital Collection” and “Digital Collection” within the QQ Music App, refunds have become the central topic discussed by users.

TME’s digital collection platform was launched in August 2021. It has now stopped selling new digital collections for two months, as the last collection was sold on June 30. Before that, the platform’s products had been selling slowly.

One player said: “I haven’t paid attention to the platform for a long time, and I can’t even find the entrance. I can’t find the platform entrance when searching for ‘digital collections’!” There are also many users who are willing to sell the digital collections they bought before. However, at present, the transfer function of digital collections is in the process of “service upgrade,” and it is temporarily impossible to trade.

According to a notice previously issued by TME, the platform will support users to transfer existing collections to friends. Users can only initiate transfer to other users after owning any digital collection for 365 days.

Both belonging to Tencent, the platforms are quite similar. Huanhe has strict compliance requirements and does not support any transfer mode of digital collections, while TME supports a limited transfer function whereby users must hold it for 365 days before transferring it.

SEE ALSO: Tencent to Shut Down Digital Collection Trading Platform Huanhe

Industry analysts said that the slow sales of TME’s digital collections are caused by many factors. First, the digital collection industry has entered a cold winter. Second, the number of digital collection platforms has grown rapidly and competition has intensified. Third, TME requires harsh transfer conditions, and the digital collections have little mobility.