As part of Wednesday’s platform update, Jingtan, Alibaba affiliate Ant Group’s non-fungible token (NFT) marketplace, has relaxed transfer rules that mandate users to hold on to newly purchased assets for a specified period.
The native lock period for primary transfers, or when users send free NFTs to other customers, has been reduced to 90 days from the previous 180 days.
Since the marketplace update last week, users of Jingtan have been on the move to flip their NFTs in resale markets, such as XMeta, and local social media platforms. The Dunhuang Murals, the first NFT collection issued on Jingtan, was on sale at XMeta for 5,500 yuan (US$803.58) on Wednesday afternoon, Hong Kong time.
In November 2021, Jingtan enforced a 180-day lock period for NFT transfers in a bid to crackdown on speculative trading activities related to digital collectibles. This sparked ingenious black market auctions for secondary NFT sales, often hosted on social media platforms.
Chinese NFT markets have started to migrate to Hong Kong to offset local compliance risks. At least 78 marketplaces closed down from September to November last year, according to local internet researcher Sootoo Meta.