Tron’s Justin Sun Eyes ‘Acquisition’ Move for Tencent’s NFT Division

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The Tron (TRX) founder Justin Sun says that TronDAO, a decentralized autonomous group (DAO) that governs the Tron community’s growth, needs to “acquire” a non-fungible token (NFT) arm of the Chinese tech powerhouse Tencent.

As beforehand reported, Tencent as soon as had excessive hopes for its NFT items and will have theoretically developed them into a few of Asia’s most profitable platforms. Tencent has huge monetary assets and an unlimited preponderance of gaming and leisure IPs. But the agency was pressured to closely water down its choices by the Chinese authorities, which imposed strict rules on the NFT sector.

These rules included a de facto ban on the time period “NFT” itself (Tencent and its Chinese rivals had been pressured to name their choices “digital collectables”). Beijing has additionally positioned heavy restrictions on secondary market buying and selling, and firms have been pressured to make use of non-public blockchains – slightly than common public networks.

Tencent had tried to soldier on, launching the Huanhe app and buying and selling platform. After a promising begin final 12 months, newer Huanhe collections have skilled sluggish gross sales. And earlier this week, the agency reportedly introduced that it was closing down Huanhe for good.

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Per Jiemian, quite a few different NFT-related Tencent companies, together with Magic Core, have additionally been earmarked for closure, and Tencent is eager to take “cost-saving” measures after experiencing a 23% year-on-year hunch in web income within the first quarter of the present monetary 12 months. The firm noticed comparable drops within the final two quarters of FY2021.

The media outlet acknowledged that Magic Core would stop working “this week,” quoting unnamed Tencent insiders.

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Sun, nevertheless, is eager to step in – and needs to combine Huanhe as a part of the ApeNFT ecosystem.

On Twitter, he wrote that, 

The TronDAO “intends to acquire” Huanhe “so we can continue to support and [build] on it to provide a top notch platform for all users with [the] ApeNFT platform.”

When a Twitter consumer replied by difficult Sun to “make sure” he “screened the employees so that you have someone who can make the team successful,” the Tron founder replied:

“Yes. It is the first thing we would do.”

ApeNFT was launched in April this 12 months because the “first official NFT marketplace on” the Tron community. Sun has tried to kickstart curiosity within the platform by “donating several well-known artworks,” together with the works “Le Nez” by Giacometti and “Femme nue couchée au collier (Marie-Thérèse)” by Pablo Picasso to the ApeNFT’s basis “to support the development of NFT art.”


Learn extra: 
– Tencent, Alibaba Try to Pursue NFT Business – But Not as We Know It
– Tencent Shutters NFT Platform

– New Tencent Digital Yuan Wallet Preparing to Launch
– Chinese Tech Titans’ Digital Collectibles Pledge Involves ‘Fighting Crypto’

– Tron DAO Reserve to Deploy Another USDC 500M to Protect Stablecoin as Depeg Extends
– Massive Short Interest Pushes Funding Rate of Tron’s TRX to Negative 500% Annually

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