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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- 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.
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