Last year, Tencent Music began exploring NFTs in its native China, launching a digital collectibles feature within its biggest streaming service QQ Music.
How did that go? The South China Morning Post suggests it has run into trouble, with a number of buyers posting on the app saying they want refunds.
The report also notes that TME stopped selling these collectibles at the end of June, and that people who did buy the NFTs now have to take several more steps to find them within the service.
The backdrop to all this, as the Post reported, are some ominous noises coming from the Chinese authorities regarding regulation of NFTs, as well as “waning public interest” in these products. The fact that cryptocurrencies are officially banned from being traded in China has also presented a headache for companies trying to explore NFTs there.
TME has told reporters that it is evaluating its digital collectibles strategy, and that it will address QQ Music buyers’ complaints.