Magic Core Digital Collection Platform Will Shut Down in 2023

03/09/2023 06:19 • NFT Newsflash • 121 views

On March 9, the Tencent digital collection platform Magic Core said in its offline announcement today: “Based on the business adjustment arrangement, the Magic Core APP will be offline at 24:00 on June 30, 2023. After the Magic Core APP is offline, the users who hold the collection will not be able to query, download, display and share the purchased digital collections in the APP, and can no longer conduct the refund operation.” Magic Core recommends that users conduct the refund operation before June 30, 2023.

Tencent Magic Core APP will be offline on June 30, reminding users to apply for refund before this date

Analysis based on this information:

Tencent’s digital collection platform, Magic Core, announced on March 9 that it will go offline by June 30, 2023, due to a business adjustment arrangement. After the app shuts down, users will not be able to access their purchased digital collections or perform a refund operation. The announcement recommends users conduct a refund operation before the deadline.

This news has come as a surprise to many Magic Core users who have been actively using the platform to purchase and display their digital collections. The announcement implies that the company may be facing financial or strategic difficulties, leading them to make the decision to shut down the platform.

This move also highlights the issue of digital ownership and access, especially for those who have invested time and money in collecting digital assets. With the platform going offline, Magic Core users will lose ownership of their collections, which raises concerns about the sustainability of digital collections and the long-term value they hold.

Furthermore, this announcement has led some to wonder about the future of digital collection platforms and whether similar decisions will be made by other companies in the future. Technology is rapidly evolving, and as consumer tastes change, companies must adapt to stay relevant. However, this news may also lead to a decline in trust towards digital platforms, particularly those that deal with the ownership and display of valuable digital assets.

In conclusion, the Magic Core announcement is a reminder of the constantly evolving nature of the tech industry, with companies occasionally needing to make difficult decisions for the sustainability of their business. However, it also highlights the importance of digital ownership and access, particularly for those who have invested their time and resources into building digital collections. Whether this announcement will have long-term implications on digital collection platforms remains to be seen, but it has certainly raised awareness on this issue.

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