Tencent's NFT trading platform "Huanhe" officially launched its first batch of NFTs, selling out in less than 1 second

Author: Richard Lee

After Ant Group's Alipay, Tencent has become another leading internet company to enter the NFT space.

At 8 PM tonight, Tencent's NFT trading platform "Huanhe" App officially launched the limited edition "Shisan Yao" vinyl record NFT, with a limited quantity of 300 pieces, each priced at 18 yuan. It sold out in less than a second, with many users reporting that they were unable to successfully purchase after making payment.

It is reported that the first release of the "Shisan Yao" series NFT includes quotes from Ang Lee, Chen Jiaying, Li Dan, Tang Nuo, Chen Chong, Xiang Biao, Xu Zhuoyun, Luo Xiang, Wu Tiao Ren, Hao Lei, Wu Guosheng, Fu Gaoyi, Xu Zhiyuan, and others. The product introduction also states that users can perform "personalized engraving" after purchase, recording the user's name and guest quotes on the record.

According to reports, the first batch of NFTs from Huanhe is issued based on the Zhixin Chain, a trusted storage blockchain platform jointly launched by Tencent, China Electronics Technology Network Information Security Co., Ltd., and Beijing Fengdiao Lishun Technology Development Co., Ltd. in 2019, mainly covering fields such as justice, government affairs, and market regulation. "Shisan Yao" is a talk show program under Tencent News.

Huanhe currently has a simple interface, with only two pages: "Home" (NFT purchase page) and "My" (account registration, NFT display page). Users must complete three steps: mobile phone verification, ID number input, and facial recognition, to purchase related NFTs. In addition, real-name authentication is required, and the registered mobile phone's real-name authentication must match the submitted ID number. After completing real-name authentication, users will receive a blockchain address from the Zhixin Chain.

Currently, the app only has one type of NFT product available, and the limited quantity has led to complaints from many users. Staff in the WeChat community stated that they will speed up the release of new products in the future. According to the app download page, Huanhe will expand its IP content in the future, covering various emerging cultural symbols.

At the same time, official personnel from the project stated that the Huanhe APP currently does not support secondary trading and does not allow transfer or gifting functions.

Regarding the issuance rights of NFTs, Tencent insiders previously told Jiemian News that in the future, third-party NFT releases on the platform will not be supported, "which means that subsequent NFT launches are more likely to be officially led IP authorized productions rather than user-created content."

Tencent officially stated that NFT collectibles have encryption and immutability, once purchased, the purchaser's relevant information will be written into the metadata of the work as proof of ownership of the work.

Previously, among leading domestic internet companies, Ant Group was the first to sell NFTs. On June 23, Alipay, in collaboration with the Dunhuang Academy, launched two payment code skin NFTs based on the Ant Chain, with each NFT limited to 8,000 pieces, priced at 10 Alipay points + 9.9 yuan. Both skins sold out in a short time. It is worth noting that buyers only have usage rights for the NFTs purchased, not ownership.

Alipay's usage rules state, "The copyright of NFT digital works is owned by the issuer or original author. Unless written consent is obtained from the copyright owner, users may not use NFT digital works for any commercial purposes." After the two payment code skin NFTs sold out, they were resold on the second-hand trading platform Xianyu for as high as 1.5 million yuan each, after which Xianyu took down all NFT-related products.

According to Caixin, Huanhe is an innovative business under Tencent's Platform and Content Group (PCG) department. Recently, another Tencent business platform, Tencent Music (TME), also announced that it may officially launch the NFT encrypted art service "TME Digital Collectibles" in August. Currently, QQ Music has already begun internal testing, and the technology of this platform may be synchronized across various TME products in the future.