Tencent Music ditches digital collection project

Tencent Music has disbanded its “TME Digital Collection” team, Jiemian News learned Wednesday. All staff have been transferred to other departments.

TME was the first NFT-like product in China. Unlike NFTs overseas, the tokens – in this case digital albums or singles – have no financial nature and can’t be traded among collectors. 

TME has not issued a new token since the end of June. In August, Tencent aborted its NFT project Huanhe. TME was suspended at the same time.