Tencent Music, a subsidiary of China’s internet giant Tencent, is entering the NFT business. Tencent Music will become the first music platform in China to issue digital collectibles of music, or “music NFTs”.
Chinese local media Sina Finance reported that Tencent Music is building a cryptocurrency and NFT business, “TME Digital Collectibles”, focused on issuing music NFTs. The NFT issuance and trading service is ready for an internal beta test on QQ Music. QQ Music is one of the three Chinese freemium music streaming services owned by Tencent Music, a joint venture between Tencent and Spotify.
Like a physical collectible, the music NFTs will be provably unique, authentic, giving it inherent value in the eyes of collectors. NFTs also provide a new solution for the protection of intellectual property rights in the digital music era, according to Tencent Music. “In the future, this technology can be widely used in artists’ digital albums and limited-edition merchandise.”
Tencent runs China’s most-used instant messaging app WeChat, which billions of Chinese rely on the app for communication and various services such as payment (WeChat Pay), and online shopping. Tencent is also the world’s largest gaming company, with stakes in multiple U.S. gaming companies, including Riot Games and Epic Games, the maker of Fortnite.
“China’s largest internet company Tencent will enter the NFT, including music, games, news content, etc.” Chinese blockchain reporter Colin Wu (Wu Blockchain) tweeted.
Bitcoin Buyer MicroStrategy Posts $299M Loss
MicroStrategy, Bitcoin‘s biggest corporate investor, posted its biggest loss ever after the cryptocurrency crash last quarter. But CEO Michael Saylor said the company will continue buying more Bitcoin.
MicroStrategy reported a second-quarter loss of $299.3 million. There was a $424.8 million impairment loss due to the declining value of its Bitcoin holdings in the quarter.
Saylor noted that the company will add more Bitcoin to its corporate balance sheet that already includes 105,000 BTC.
“We continue to be pleased by the results of the implementation of our digital asset strategy,” he said, adding that “Going forward, we intend to continue to deploy additional capital into our digital asset strategy, he said. “Our macro strategy is to acquire and to hold Bitcoin. We’ll help explain Bitcoin to the regulators, to the public and to the media.”
“The China exodus was a really good thing for Bitcoin. The result was a decentralization of mining throughout the world. Long term, the Westernization of Bitcoin is good for Bitcoin, the U.S. dollar and Western technology,” Saylor added.
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