SNEAK PEEK
- Jingtan has relaxed its transfer limitations.
- Jingtan has reduced the native lock duration for main transfers, or when users transmit free NFTs to other users, from 180 days to 90 days.
- The first NFT collection to be made available on Jingtan was being sold by XMeta on Wednesday afternoon, Hong Kong time.
As part of a platform update on Wednesday, Jingtan, a non-fungible token (NFT) marketplace operated by Ant Group, an Alibaba affiliate, loosened transfer regulations that required users to retain recently acquired assets for a predetermined amount of time.
The native lock time for main transfers, or when users send free NFTs to other customers, has been lowered by Jingtan from 180 days to 90 days. Additionally, the marketplace has eliminated the 720-day secondary transfer restriction for individuals who received “digital collectibles,” a colloquial term for NFTs.
Since the change was revealed last week, Jingtan users have been actively selling their NFTs on resale marketplaces like XMeta and regional social media platforms.
On Wednesday afternoon, Hong Kong time, XMeta was selling the first NFT collection released on Jingtan, Dunhuang Murals, for 5,500 yuan ($803.58). The collection went on sale for 8,000 yuan on January 28 after being issued at 9.9 yuan in 2021.
In November 2021, Jingtan began implementing a 180-day lock period for NFT transfers as state-backed media sources sounded the alarm against speculative trading in digital collectibles. Since then, local NFT platforms have prohibited users from reselling assets on the original issue platforms.
The “Jingtan” app from Ant Group has opted to provide a new feature called “transfer,” which allows users to give away their digital collections to other users who are citizens of the Chinese mainland and are at least 14 years old, provided they have held them for more than 180 days. The recipient must keep the digital collection for two years before transferring it again.
Having begun operations in June of last year, it has been more than 180 days since Ant Chain’s digital collection was introduced. The 56 users highlighted in today’s statement won’t be able to transfer any of the earliest digital collections because they do not meet the transfer requirements.
According to local internet analyst Sootoo Meta, at least 78 marketplaces shut down between September and November of last year, and Chinese NFT markets have begun to move to Hong Kong to reduce local compliance problems.
