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

Tron’s Justin Sun Eyes ‘Acquisition’ Move for Tencent’s NFT Division
Source: AdobeStock/ xy

The Tron (TRX) creator Justin Sun states that Tron DAO, a decentralized self-governing company (DAO) that governs the Tron network’s advancement, wishes to “acquire” a non-fungible token (NFT) arm of the Chinese tech powerhouseTencent

As formerly reported, Tencent when had high hopes for its NFT systems and might have in theory established them into a few of Asia’s most financially rewarding platforms. Tencent has huge funds and a large prevalence of video gaming and home entertainment IPs. But the company was required to greatly thin down its offerings by the Chinese federal government, which enforced rigorous guidelines on the NFT sector.

These guidelines consisted of a de facto restriction on the term “NFT” itself (Tencent and its Chinese competitors were required to call their offerings “digital collectables”). Beijing has actually likewise put heavy constraints on secondary market trading, and business have actually been required to utilize personal blockchains– instead of popular public networks.

Tencent had actually tried to soldier on, introducing the Huanhe app and trading platform. After an appealing start in 2015, more current Huanhe collections have actually experienced slow sales. And previously today, the company supposedly revealed that it was shutting down Huanhe for great.

Per Jiemian, a variety of other NFT- associated Tencent services, consisting of Magic Core, have actually likewise been allocated for closure, and Tencent is eager to take “cost-saving” steps after experiencing a 23% year-on-year depression in net earnings in the very first quarter of the existing fiscal year. The business saw comparable drops in the last 2 quarters of FY2021.

The media outlet specified that Magic Core would stop operating “this week,” pricing quote unnamed Tencent experts.

Sun, nevertheless, is eager to action in– and wishes to incorporate Huanhe as part of the ApeNFT community.

On Twitter, he composed that,

The Tron DAO “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 user responded by challenging Sun to “make sure” he “screened the employees so that you have someone who can make the team successful,” the Tron creator responded:

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

ApeNFT was released in April this year as the “first official NFT marketplace on” the Tron network. Sun has actually tried to start interest in the platform by “donating several well-known artworks,” consisting of the works “Le Nez” by Giacometti and “Femme nue couchée au collier (Marie-Thérèse)” by Pablo Picasso to the ApeNFT’s structure“to support the development of NFT art.”

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