Technology

Alibaba, Tencent rebrand NFT offerings as ‘digital collectibles’ amid Beijing’s scrutiny of new virtual asset market

Alibaba, Tencent rebrand NFT offerings as ‘digital collectibles’ amid Beijing’s scrutiny of new virtual asset market

Chinese technology giants Alibaba Group Holding and Tencent Holdings have both renamed their non-fungible token (NFT) offerings as “digital collectibles”, as Beijing casts a weary eye on this new virtual asset market as a potentially huge bubble. Alipay, the mobile payments operation of Alibaba financial technology affiliate Ant Group.

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