Tron’s Justin Sun Eyes ‘Acquisition’ Move for Tencent’s NFT Division

Source: AdobeStock / xy


The Tron (TRX) founder Justin Sun says that TronDAO, a decentralized autonomous organization (DAO) that governs the Tron network’s development, really wants to “acquire” a non-fungible token (NFT) arm from the Chinese tech powerhouse Tencent.

As formerly reported, Tencent had high wants its NFT units and may have theoretically developed them into a number of Asia’s best platforms. Tencent has massive financial sources along with a vast preponderance of gaming and entertainment IPs. However the firm was made to heavily water lower its choices through the Chinese government, which enforced strict rules around the NFT sector.

These rules incorporated a de facto ban around the term “NFT” itself (Tencent and it is Chinese rivals were made to call their choices “digital collectables”). Beijing has additionally placed heavy limitations on secondary market buying and selling, and firms happen to be made to use private blockchains – instead of popular public systems.

Tencent had tried to soldier on, launching the Huanhe application and buying and selling platform. Following a promising start this past year, newer Huanhe collections have observed sluggish sales. And the 2009 week, the firm apparently announced it had become closing lower Huanhe permanently.

Per Jiemian, many other NFT-related Tencent services, including Magic Core, are also earmarked for closure, and Tencent is keen to consider “cost-saving” measures after experiencing a 23% year-on-year slump in internet profits within the first quarter of the present financial year. The organization saw similar drops within the last two quarters of FY2021.

The press outlet mentioned that Magic Core would cease operating “this week,” quoting unnamed Tencent insiders.

Sun, however, is keen to part of – and wishes to integrate Huanhe included in the ApeNFT ecosystem.

On Twitter, he authored that, 

The TronDAO “intends to acquire” Huanhe “so we could support and [build] onto it to supply a first class platform for those users with [the] ApeNFT platform.”

Whenever a Twitter user responded by challenging Sun to “make sure” he “screened the workers allowing you to have somebody that could make they effective,” the Tron founder responded:

“Yes. It’s the first factor we’d do.”

ApeNFT premiered in April this season because the “first official NFT marketplace on” the Tron network. Sun has tried to kickstart curiosity about the woking platform by “donating several well-known artworks,” such as the works “Le Nez” by Giacometti and “Femme nue couchée au collier (Marie-Thérèse)” by Pablo Picasso towards the ApeNFT’s foundation “to support the introduction of NFT art.”


Find out more: 
Tencent, Alibaba Attempt to Pursue NFT Business – Although Not as you may know It
Tencent Shutters NFT Platform

New Tencent Digital Yuan Wallet Getting ready to Launch
Chinese Tech Titans’ Digital Collectibles Pledge Involves ‘Fighting Crypto’

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