Here's Why Alibaba, Tencent Look To Tighten NFT Norms

Citizens have to register with their real name to purchase NFTs and can only via Chinese Yuan. Chinese internet giants Tencent Holdings Ltd TCEHY and Alibaba Group Holding Ltd BABA tightened specific rules on their respective NFT marketplaces to avoid further regulatory repercussions, CoinGape reports.
Alibaba’s platform Jingtan looked to report users using bots or software to mass-buy collectibles. It would also alert the police to any users found organizing suspicious transactions outside the platform.
Also Read: Alibaba’s NFT Marketplace Suspends Users Over ‘Massage Gun’ Purchases
China has banned NFT trading among third parties. Tencent’s social messaging app WeChat banned any programs promoting NFTs on its platforms.
Tencent’s stand-alone NFT marketplace, Huanhe, did not appear to have changed its terms of service.
NFTs’ proximity to crypto has kept the status of digital collectibles tenuous in China. China recently swore to ensure stability in capital markets.
Price Action: BABA shares traded higher by 2.48% at $118.74 on the last check Wednesday.