Ant Group and Tencent Rename NFT to Digital Collections on Their Platforms

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In response to a warning from the Chinese authorities that NFTs may be linked to speculation, Ant Group and Tencent have renamed NFTs “digital collections” on their platforms.

According to the local publication Jiemian, this is due to the fact that the state industrial park in Guangdong province issued a warning to NFT users last week. It says that companies can exploit the popularity of NFTs and push clients towards illegal investments.

Most likely, in this way, companies seek to distance themselves from issues related to NFT. Tencent said in a statement that the changes are related to the company’s commitment to comply with local regulations.

Ant Group said the company is opposed to speculation and hype in the NFT market. Back in August, the platform added a new requirement for NFT holders – users must keep non-fungible tokens in their wallet for at least 180 days before transferring them.

According to the new Ant Group terms, users can only send NFTs to those accounts that have been verified in the name verification system. However, since the copyright for digital works belongs to the creator or issuer, buyers cannot use them for commercial purposes without his consent.

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