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Tencent's Digital Collectible Platform is Facing Shutdown

By Xueyang
Mar. 10, 2023 updated 09:51


Recently, Tencent's digital collectible platform, Huanhe (幻核), announced its shutdown. The platform stated that it will be closed on June 30, 2023, at 24:00 due to business adjustments. After the shutdown, users who hold digital collectibles will not be able to query, download, display or share purchased digital collectibles on the app, and cannot initiate refund operations. Huanhe recommends that users initiate refund operations before June 30, 2023.

Huanhe is Tencent's NFT trading software, which was officially launched on August 2, 2021. NFT (Non-Fungible Token) is a type of digital asset that has uniqueness and non-substitutability. The launch of the Huanhe platform injected new vitality into the digital collectibles market and attracted the attention of many investors and collectible enthusiasts.

Huanhe's In-App Announcement
Huanhe's In-App Announcement

However, the announcement of Huanhe's shutdown has caused some users to worry and express dissatisfaction. Some users stated that they have spent a lot of time and money purchasing digital collectibles on the platform, and now the sudden shutdown of the platform has left them feeling disappointed and helpless.

In response to users' concerns, the Huanhe team stated that they will process users' refund applications as soon as possible and ensure that users' rights are protected. At the same time, they also urge users to initiate refund operations as soon as possible before the platform is shut down to avoid unnecessary losses.

Overall, the announcement of Huanhe's shutdown has brought some impact and uncertainty to the digital collectibles market. However, with the continuous development and improvement of the digital asset market, it is believed that the digital collectibles market will still have vast development prospects in the future.

Source: Weibo