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Alipay Adds Cooldown Feature on NFTs to Curb Speculation
China's second-most popular payments app doesn't want users to engage in speculation with NFTs.
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.
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- 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.
Read more: PBoC Says It Will Keep High Pressure on Crypto Trading
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
