Alipay Adds Cooldown Feature on NFTs to Curb Speculation

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.