Chinese payments app Alipay is now requiring users to hold on to NFTs for 180 days before they can transfer them, Chinese media reported.
- Alipay updated the terms for use of its NFT marketplace mini-program, an app within the super-app, AI Caijing reported today.
- China's second most-popular digital-payments app, Alipay says the mini-program should not 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 record transaction volumes.
- Chinese financial regulators are vehemently opposed to market speculation, a stance they have often reiterated with regards to highly volatile crypto markets.
- Alipay's parent company Ant Group has been trying to "rectify" its standing with regulators for almost a year, after its IPO was abruptly halted last year.
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