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3 Major Chinese tech giants Sign NFT ‘Self-Regulation’ Convention

Major Chinese tech giants Ant Group, Tencent, and JD.com signed a “self-regulation” convention on non-fungible tokens (NFTs) with state organizations on Sunday, according to an Ant Group WeChat post and Chinese media.

The “Digital Culture and Creative Industries Self-Regulation Convention” is made up of 11 tenets that align with central government aims: “enabling the real economy; promoting national culture; supporting the development of the industry; adhering to the original letter of the law; ensuring value support; protecting consumer rights; working with controllable consortium chains; maintaining cybersecurity; ending virtual currencies; preventing speculation and financial risks; and preventing money laundering.”

The National Copyright Trading Center Alliance, the China Academy of Fine Arts, state broadcaster CCTV’s Animation Studio, and Hunan Museum also signed the convention along with Tencent’s cloud division and JD.com’s technology subsidiary.

Ant Group and Tencent recently changed references to NFTs on their websites and platforms to “digital collectibles,” likely to put more distance between their products and crypto markets.

Red Date CEO Yifan He confirmed that the companies were trying to distance their “digital collectibles” from crypto in a Friday conference. Red Date is building the Blockchain Services Network, a government-backed internet of blockchains. The Beijing company launched its own NFT infrastructure at the conference. Credit : https://www.coindesk.com/policy/2021/11/01/ant-group-tencent-jdcom-sign-nft-self-regulation-convention/

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