February 17, 2023
By Sharan Kaur Phillora
As part of a platform update on Wednesday, Jingtan, a non-fungible token (NFT) marketplace operated by Ant Group, an Alibaba affiliate, loosened transfer regulations that required users to retain recently acquired assets for a predetermined amount of time.
Here’s what we know:
The native lock time for main transfers, or when users send free NFTs to other customers, has been lowered by Jingtan from 180 days to 90 days. Additionally, the marketplace has eliminated the 720-day secondary transfer restriction for individuals who received “digital collectibles,” a colloquial term for NFTs.
Since the change was revealed last week, Jingtan users have been selling their NFTs on resale marketplaces like XMeta and regional social media platforms.
On Wednesday afternoon, Hong Kong time, XMeta was selling the first NFT collection released on Jingtan, Dunhuang Murals, for 5,500 yuan ($803.58). The collection went on sale for 8,000 yuan on January 28 after being issued at 9.9 yuan in 2021.
State-backed media warned against exchanging digital collectibles for speculative purposes. Local NFT platforms have since prohibited users from reselling assets on their 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.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
