In an already bloated NFT market, Tencent has decided to shutter one of their two NFT marketplaces, amid low sales and strict regulations.  However, reports state their 2nd marketplace is also struggling to stay afloat.  Apparently in China, NFT purchasers are prohibited from selling in private transactions afterwards.  This trend follows social media giants Weibo and WeChat in removing any links to NFTs in recent months.  Alibaba had also unveiled an NFT marketplace, but reversed course very quickly after.

The NFT market is a rough place to be right now, and it shows.  If the top of the top platforms, such as OpenSea, are struggling then these other marketplaces stand zero chance.  Overall, I believed there were far too many platforms with not enough incentives to transact off them, so this dead-weight cycle was inevitable.

Written by: nikethereum.eth / Medium