Is Chinese Tech Giant Tencent Planning to Enter NFT Market Soon?

c62e41c99d6034bacf692d27a2caaf1e - Is Chinese Tech Giant Tencent Planning to Enter NFT Market Soon? 3

Amid the growing fad for NFTs amongst Chinese financiers, it appears like Chinese tech giant Tencent is preparing to go into the NFT market quickly. In a special upgrade, popular Chinese reporter Colin Wu reported:

“& ldquo;China & rsquo; s biggest Internet business Tencent will go into the NFT, consisting of music, video games, news material, and so on”& rdquo;

It appears like a really current advancement and we have yet to speak with the tech giant. However, Chinese tech business are now filling to maximize the NFT markets amidst the current crackdown on public cryptocurrencies by the federal government and leading regulators.

Chinese Tech Companies Adopting NFTs

Earlier this month, we at CoinGape reported that the Alibaba- owned English brand-new publication –– South China Morning Post (SCMP) –– will launch NFTs for a few of its most popular news. This is a fascinating brand-new method to generate income from a few of the most popular works by the digital brand-new publication.

Another Alibaba- owned subsidiary and e-commerce giant Taobao offered non-fungible tokens (NFTs) at itsTaobao Maker Festival At the celebration, Taobao included art work byHuang Heshan The NFTs consisted of an enormous collection of 300 virtual homes, 10 homes and 350 parking areas in Toorich City, all offered within minutes.

When such huge business are signing up with the NFT bandwagon, the marketplace is more than likely to make a strong relocation ahead. Besides, their entry will promise to Chinese financiers who have actually been having a hard time to make their method into the crypto area. Besides, it can alter the total NFT landscape in China proceeding.

The NFT video gaming market is developing at a much faster rate at this moment. Just the Defi fad throughout the summertime of 2020, there’& rsquo; s an NFT fad this summertime season. The trading volume for NFT video games has actually increased over the last couple of weeks with NFT tokens being traded 8x times than the Defi tokens over the recently.

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John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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