Ant Group NFT platform punishes 56 accounts for reselling digital assets – South China Morning Post

Topnod, the NFT platform owned by Alipay owner Ant Group, said the accounts will be prevented from transferring NFT ownership after reselling assets for money

Chinese platforms ban the reselling of so-called digital collectibles because of regulatory uncertainty following a cryptocurrency crackdown last year

Fintech giant Ant Group’s non-fungible token (NFT) platform punished 56 accounts for participating in the resale of digital collectibles for profit, highlighting a fundamental difference between the blockchain-based products in mainland China compared with the rest of the world, where they have become speculative investment assets.

The platform called Topnod, which was spun off from the digital wallet Alipay, said it firmly opposes the resale in any form of digital collectibles, the term often used instead of NFTs in China to dissociate them from cryptocurrencies, which Beijing has banned.

Reselling these collectibles “often carries a risk of fraud and is prone to unhealthy…

Read Full Story: https://www.scmp.com/tech/tech-trends/article/3168188/ant-group-nft-platform-punishes-56-accounts-reselling-digital

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source: https://news.oneseocompany.com/2022/02/24/ant-group-nft-platform-punishes-56-accounts-for-reselling-digital-assets-south-china-morning-post_2022022414794.html

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