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Suddenly! Tencent product was exposed to be shut down

Time : 10/07/2022 Author : qbsjed Click : + -
        Phantom core is an NFT distribution platform incubated within Tencent PCG. The app was officially launched on August 2, 2021. Following the regulatory trend, all NFT Related words in the platform have been adjusted to "digital collection" since March 22. Phantom core is also the largest digital collection platform in China. It is worth mentioning that on June 27, the digital collection platform "Yu Zang" of Hang Seng electronics, a Hong Kong listed enterprise, also announced that it would shut down its business and return it in the form of "original price repurchase". Hang Seng electronics said in the announcement, "at present, there are no clear laws, regulations and policy documents related to digital collections in China, and digital collections, as an emerging field, still have certain uncertainties and risks.
 
        ”。 The thin profits caused by the delay in the official introduction of the digital collection policy and the separation from the secondary market support are all lumps of straw on the head of the digital collection platform. If the rumor that "phantom core is about to stop" is true, how to protect the rights and interests of existing collection holders without selling new digital collections? This is undoubtedly the first problem that phantom nuclei have to face. The cold water poured on collectors is that according to the user agreement of magic core, affected by changes in laws, regulations and policies, even if Tencent terminates all services, it will not be regarded as a breach of contract, and users have no right to require Tencent to bear any responsibility. According to Nandu report, Zhang Bailong, the founder of Hongdong digital collection, told reporters that the original "story" of NFT was not made clear in China, and the buyer did not form the ownership of NFT digital content. At best, he was a "viewer". Domestic mainstream platforms usually stipulate that the copyright of digital collections is owned by the publisher or originator, and users are not allowed to use digital collections for any commercial purposes except with the written consent of the copyright owner.
 
        "Another problem is that if the platform runs or collapses, the relevant assets purchased by users will also disappear.". "Tencent is also exploring solutions internally," a person familiar with the matter told reporters. At present, there are several opinions. First, the "rotten" phantom core app will not be taken off the shelves for the time being, and users can still watch their collections; 2、 The collection is transferred to other blockchains, and the business continues; The third is to cut the magic core out of Tencent's system as a whole. "It is unlikely to be completely cut out, but it may be merged into another business line of Tencent for integration.". In Tencent ecosystem, both Tencent News and Tencent News have tested NFT digital collection related businesses, and magic core is the most prominent representative.
 
        However, on July 5, Tencent News closed the sales business of digital collections. Users can view the purchased collections in Tencent News app or magic core app, and also placed a drainage link of "magic core" in the announcement to invite users to download. According to public information, the platform was launched in August 2021, less than a year ago. At that time, it was positioned as the NFT sales platform. The first batch of digital collections launched was the vinyl record NFT, a well-known IP "Thirteen invites" under Tencent News, which contained quotes from many celebrities and supported users to personalize engraving. It was limited to 300 pieces, priced at 18 yuan each, and sold out within seconds of launching. Due to the blessing of Tencent traffic and the leading quality of the collection, although the unit price of the collection is more than 100 yuan, and almost all the collections issued before May are second light, since June, the pages of many collections on magic core have been "ended" rather than "sold out", and the number of users participating in advance purchase has also decreased from 50000 to 30000.
 
        The founder of several Tibetan platforms told reporters that at present, the fundamental reason for users to buy digital collections is that there is room for appreciation in their digital collections. With the influx of a large number of emerging platforms and the previous boom in the secondary market, the diversion of users is serious,. "Magic core cannot be transferred and traded. This mode that allows users to spend money but not make profits will gradually diminish users' expectations and reduce their activity.". There are many speculations in the industry about the reasons for the shutdown. On the one hand, Tencent continues to reduce costs and increase efficiency, and there is performance pressure for the unsalable magic core. On the other hand, there is policy risk. Industry insiders pointed out that the patience of digital collection platforms is being tested, whether it is the delay in the official introduction of a clear digital collection policy at the national level, or the thin profits caused by the lack of secondary trading support.
 
        Although China has repeatedly made it clear that NFT should be de financialized to prevent the hype of digital collections, the huge profits in the secondary market still make many small digital collection platforms take risks one after another. Take the most famous "boring ape" as an example. According to the research report released by the blockchain analysis platform Nansen on May 11 this year, the secondary sales of this series of NFTs have accumulated more than 600000 eth. According to the 2.5% increase, its parent company yugalabs has received at least 15000 eth royalties, more than US $30million. For the head platform, the policy is to limit the hype in the secondary market by transferring gifts after the bottom line days, while magic core is one of the few digital Tibet platforms in the market that has not even been opened for transfer, and the gray cracks in the secondary market are completely sealed.
 
        A figure in the Tibetan industry told reporters. At the end of March, wechat launched a large-scale ban on a number of digital collection platforms based on official account and small programs. Among the deactivated official account, Ibox, which is regarded as a "second-line head platform" with huge transaction volume, support for consignment and other functions, is also included. On April 13, the China Internet Finance Association, the China Banking Association and the China Securities Association jointly issued the initiative on preventing financial risks related to NFT, and put forward preventive suggestions on security risks such as NFT speculation, money laundering and illegal financial activities. On June 20, wechat updated the "wechat public platform operation specification", added the "virtual currency and digital collection trading behavior" clause, and included it in the "illegal and illegal business behavior".
 
        On July 21, the Ministry of Commerce and other 27 departments issued the "opinions on promoting the high-quality development of foreign cultural trade", proposing to give full play to the advantages of the domestic market and rich cultural resources, strengthen the construction of digital cultural content, and promote the digital development of excellent cultural resources and entertainment modes. Zhang Yi, chief analyst of AI media consulting, told the 21st Century Business Herald reporter that the current regulatory policy has not been improved. A large number of young people, especially students, buy digital collections for the purpose of investment appreciation. Systemic financial risks cannot be ignored, and may also lead to illegal acts such as money laundering and pyramid schemes. The compliance problem of the platform is difficult to solve. In the reclamation stage, the means of "horse racing and enclosure" of the digital Tibet platform are similar: cooperate with the IP party, seek corresponding endorsement and rush to design the "Genesis" series collection, part of which is used for air drop drainage, payment channels and platform construction, continue to issue new collections, and finally appreciate in the secondary market, which has also become the "consensus" of collectors.
 
        "There are indeed some people who go for the collection value now, but there are not many. At the current transitional stage of the development of digital collection, it is mainly appreciation." The aforementioned figures from the Tibetan industry told the 21st Century Business Herald reporter. From February to March 2022, the market sentiment of digital collections began to weaken significantly, and the "market" of collections on a number of head platforms such as Ibox, uniquecore and magic core began to decline continuously. Many middle waist platforms could not even support the opening of secondary gift transfer, so they directly "ran away". Compared with the platform of opening secondary trading, magic core, which only supports one trading, undoubtedly faces greater performance pressure. With the accumulation of more and more collections, the risk of breaking after the opening of the secondary market has increased. More importantly, magic core has no sign of opening the secondary market, and the "consensus" of collectors has been shaken. The most direct result is the rapid cooling of magic core's digital collections.
 
        On June 2, the sales status of "Yichang · Dragon Boat Festival series digital collection" issued by magic core began to show as "finished". Since June 17, the frequency of "finished" sales status after each release has significantly exceeded that of "sold out", which also indicates that the digital collection of magic core has begun to be unsalable, and the number of people who make an appointment to draw lots is gradually decreasing. "From the perspective of art and engineering, magic core is indeed the best digital collection platform in China, and it is close to the definition of art collection, but the price is too high. Compared with the price of more than a dozen pieces of whale probe, Tencent is 128 yuan, and the sales volume of each update is about 3million yuan.
 
        The price is too high and the secondary level is not opened, resulting in less and less traffic. Talking about art out of the market must face a series of problems such as breaking. " The above-mentioned figures from the Tibetan industry said.
 
        
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