According to Phantom Core’s announcement, Phantom Core will stop issuing digital collections starting August 16, 2022, and all users who have purchased digital collections through the Phantom Core platform (including the Tencent News Digital Collection Gallery) can choose to continue to hold them or initiate a refund request.

According to the announcement, if users choose to continue to hold the digital collection, the digital collection can still be accessed and used normally. Because all the digital collection data has been uploaded, the ownership of users’ digital collections will not be affected by the adjustment of Phantom Core.

At the same time, according to Tencent insiders, this time the phantom core business adjustment does not involve the layoff of team personnel.

On July 2, Tencent News App has suspended the sale of digital collections service.

Previously, analysts said that Tencent’s net profit fell by more than 20% in the first quarter of 2022, and Tencent’s net profit fell for three consecutive quarters. Tencent has recently implemented cost control measures and adjusted some of its non-core businesses, and this layoff of the phantom core business may be to continue to reduce costs and increase efficiency.

It is reported that Phantom Core, Tencent’s NFT trading software, was officially launched on August 2, 2021 and has just completed one year.

The post Tencent’s NFT platform “Magic Core will stop issuing digital collectibles appeared first on TechGoing.