Chinese payments app Alipay is now requiring users to hold onto non-fungible tokens (NFTs) for at least 180 days before they can transfer them, Chinese media reported.
- Alipay updated the terms for use of its NFT marketplace "mini-program," an app within the super-app, AI Caijing reported today.
- Alipay, which is China's second-most popular payments app, says the mini-program shouldn't be used for speculation.
- Users can send NFTs only to accounts that have passed real-name verification, the terms said.
- The terms also state that the copyright of digital works belongs to the creator or issuer and that buyers can't use them for commercial purposes without consent.
- The mini-program caters primarily to fans who want to buy NFTs of celebrity memorabilia.
- The NFT market globally has been picking up, with marketplaces hitting all-time records in transaction volumes.
- Chinese financial regulators are vehemently opposed to market speculation, a stance they have often reiterated with regards to the highly volatile crypto markets.
- Ant Group, Alipay's parent company, has been trying to "rectify" its standing with regulators for almost a year, after its initial public offering was abruptly halted last year.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.