As part of a platform update on Wednesday, we see in the metaverse news that Alibaba partner Ant Group’s non-fungible token (NFT) marketplace Jingtan changed rules requiring users to maintain newly acquired assets for a particular period of time before transferring them.
Jingtan has reduced the native lock time for main transfers (when users send free NFTs to other customers) from 180 days to 90 days.
Additionally, the marketplace has removed the 720-day restriction on secondary transfers of “digital collectibles,” the local word for NFTs.
Jingtan users have been busy selling their NFTs on resale marketplaces like as XMeta and local social media sites since the change was announced a week ago.
Dunhuang Murals was the initial NFT collection published on Jingtan. Wednesday afternoon, Hong Kong time, it was available for 5,500 yuan (US$803.58) at XMeta. In 2021, the price of the collection was 9.9 yuan, but on January 28, it was 8,000 yuan.
Jingtan implemented a 180-day hold on NFT transfers in November 2021. Concurrently, state-backed media warned against exchanging digital collectibles for speculative purposes. Local NFT platforms have since prohibited users from reselling assets on their own platforms.
Due to the regulations in local markets, individuals devised ingenious ways to sell NFTs on the underground market, frequently through social media.
According to Sootoo Meta, a local internet researcher, Chinese NFT markets have begun moving to Hong Kong to escape compliance problems in China, where at least 78 marketplaces ceased operations between September and November of last year.
Content Source: forkast.news
Cover Image Source: forkast.news
