Tencent’s Finally Marching into Web3

TechCrunch | Rita Liao | Feb 22, 2023

Tencent web3 - Tencent's Finally Marching into Web3

Image: Tencent Cloud

China’s web3 community is rallying around the news of Tencent’s march into the decentralized land.

  • Interest and backing: On Wednesday, the social and gaming giant held its first global web3 summit in Singapore, which has emerged as a refuge for China’s blockchain developers after Beijing cracked down on cryptocurrencies in 2021.
    • It’s hard to overlook the timing of the event. On Monday, Hong Kong announced plans to let retail investors trade Ether and Bitcoin starting in June, a boost of confidence that China might have softened its stance on cryptocurrencies.
    • Indeed, Bloomberg reported yesterday that Hong Kong’s ambition to become a crypto hub had “quiet backing” from Chinese officials.
    • Partnerships: Tencent Cloud is also partnering with a few other popular web3 infrastructure builders, including Avalanche, a blockchain that focuses on speed and low transaction fees; Scroll, a Layer 2 scaling solution for Ethereum; and Sui, a relatively young Layer 1 blockchain created by ex-Meta employees.

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  • Digital collectibles: Like its peers, Tencent branded its NFT platform as a “digital collectible” marketplace and prohibited secondary trading after China warned of speculation around non-fungible tokens. Huanhe, its digital collectible platform, shut down only a year after launching.

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