Tencent will lay off an undisclosed number of its central area China non-fungible token (NFT) commercial center group and change the stage’s business procedure, as it readies another NFT commercial center serving abroad clients, sources near Tencent said, Chinese monetary media Caixin Thursday reported.

See related article: Tencent to shut Huanhe NFT marketplace: report

Fast facts

Tencent has not given a public reaction to reports of the closure as of press time, nor has it answered Forkast’s requests about plans to create an abroad NFT market.

Launched last August, Huanhe has become one of the biggest NFT commercial centers in China inside under a year.

Subsequently, Huanhe has encountered sluggish NFT deals since June.

See related article: Chinese marketplace repurchases NFTs, citing uncertain policies

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