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. 

See related article: China plans crackdown on illegal fundraising in metaverse, NFTs