Ant Group’s NFT arm punishes users for digital collectibles resales
Jingtan, Alibaba affiliate Ant Group’s non-fungible token (NFT) platform, has placed limitations on at least 56 accounts for participating in the resale of digital collectibles, after various collections surged in popularity in online second-hand markets.
See related article: CCTV NFTs hit resale market before transfer permitted
Fast facts
- Jingtan, developed by AntChain, said it has restricted the transfer feature for accounts conducting private resale of digital collectibles, which is against the platform’s policy.
- “Digital collectibles” is a phrase now used by Chinese companies to avoid NFT references since Chinese state media began denouncing the market frenzy over NFTs.
- The rebrand has not curbed speculation as NFT owners found alternative sales channels in second-hand markets to get bids on assets that haven’t cleared the half-year lock period.
- AntChain only allows digital collectibles to be freely gifted between users after the items have been held for at least 180 days.
See related article: China’s mouthpiece newspaper is giving out NFTs amid unclear regulation
