Alibaba’s blockchain branch Antchain has set a time threshold for transferring “digital collectibles” — non-fungible tokens, or NFTs — to prevent what it calls “malicious hype” amid Beijing’s unsupportive attitude towards NFT trading.
Fast facts
- “Digital collectibles” refers to NFTs. Tech giants in China began referring to NFTs as “digital collectibles” amid Chinese state media’s frequent criticism over NFT hype.
- Antchain made an announcement on Thursday saying the first holder of an NFT must wait for 180 days to transfer it, while the second holder must hold it for two years until the NFT can be transferred again. Also, only mainland Chinese residents over 14 years old may receive and transfer NFTs.
- Antchain said it does not welcome private NFT trading and it set up a phone number for users to report any activity that violates the rules.
- Antchain is the first to issue clear rules on transferring NFTs after three internet tech giants signed a self-discipline pact of “resisting digital collectibles hype” at the end of October — the other two were JD.com and Tencent.