Tencent Bans TheOne.art NFT WeChat Mini Program
A WeChat mini program named “TheOne.art NFT” was banned by Tencent on February 21 because the digital collection service it provided belongs to a service category that has not yet been authorized.
Tianyancha, a domestic commercial information platform, shows that the digital art e-commerce platform “TheOne.art” is the only business under Weiyi (Hangzhou) Digital Technology Co., Ltd.
The platform’s official website also wrote that TheOne.art has obtained a number of compliance management qualifications under existing policies. The company was established on May 18, 2021 with a registered capital of 3,722,219 yuan ($589,621). In October, the company disclosed that it had completed angel-round financing of 10 million yuan.
According to a report by Blockchain Daily on February 23, although the mini program has been banned on WeChat, users can still purchase digital products through Alipay. At 6:00 pm on February 22, the digital collection called “Rudolph and His Friends,” with a total sale quantity of 5,000 copies and a price of 29.9 yuan, was sold out shortly after its release.
Ten minutes before the launch, TheOne.art platform released a post about the purchase channel, in which the phrase “purchases and payments on WeChat are not supported” was typed in bold, suggesting that users can save pictures to photo albums and go to Alipay for transactions.
Earlier, there were market rumors that the government regulatory authorities had issued requirements for NFTs or digital collections. This information has not been confirmed by relevant departments yet. However, in October last year, Tencent‘s “Huanhe” and Antchain’s “Whale Tan” deleted the word “NFT” from their platforms and changed them to “digital collections.”
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In addition, on February 18, the China Banking and Insurance Regulatory Commission issued a warning to prevent the risk of illegal fund-raising in the field of the “metaverse,” saying that some criminals raised funds under the names of “metaverse investment project” and “metaverse chain.” They were suspected of illegal fundraising, fraud and other criminal activities. The warning also emphasized that the public should enhance their awareness of risk prevention.