Weibo launches NFT marketplace, allowing users to mint posts
Weibo, a social media platform known as the Chinese equivalent of Twitter with 249 million daily active users, launched its non-fungible token (NFT) marketplace TopHolder on Thursday, allowing users to mint their original posts into NFTs and sell them.
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Fast facts
Users will need to pass an internal KYC verification process before participating in minting and selling NFTs on TopHolder.
Participants are subject to penalties if their NFTs are found to be plagiarized from other users, but a representative of the marketplace told Forkast there is currently no public decision on how violators will be handled.
The marketplace is also banning users from flipping assets and only permits free transfers after completing a 180-day holding period.
Chinese NFT marketplaces have started implementing self-regulatory guidelines on their platforms as state-backed media echoed warnings against speculation in the NFT market.
Chinese tech giants pledged to eliminate speculation on their NFT markets, with Alibaba’s blockchain subsidiary AntChain imposing a 180-day transfer lock on its platform while Tencent has a blanket ban on secondary transfers.
See related article: China plans crackdown on illegal fundraising in metaverse, NFTs