WeChat and the banned NFT marketplaces' official account, ,

WeChat bans NFT accounts, citing ‘crypto speculation’

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WeChat has blocked more than a dozen accounts belonging to non-fungible token (NFT) marketplaces from its social media platform, citing prevention of “crypto speculation.”

See related article: China state-backed paper’s NFTs surge in price on second-hand market

Fast facts

  • When visited, the banned accounts of the NFT marketplaces displayed a message from WeChat: “No legal permit or license to publish, disseminate or engage in such business.”
  • WeChat said on Wednesday it will permit only “compliant companies” to use the social media platform to run NFT-related applets and make official company accounts.
  • Companies must be registered with the China Cyberspace Administration to be listed as a compliant company, and their corresponding NFT marketplaces must not permit resales. 
  • NFTs continue to grow in popularity in China and investors are using resale markets to speculate on the assets, despite state media’s warnings against such activities. 

See related article: Alibaba NFT marketplace suspends users for massage gun rapid clicks



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