Weibo launched its own NFT marketplace
Weibo, the social media platform known as the Chinese equivalent of Twitter with 249 million daily active users, launched its TopHolder non-fungible token (NFT) marketplace on Thursday, allowing users to create and sell their original NFT messages.
What do users need to do to sell NFTs?
Users will need to pass an internal KYC check before participating in the development and sale of NFTs on TopHolder.
Members are subject to penalties if their NFTs are found to be plagiarized by other users, but a spokesperson for the marketplace told Forkast that there is currently no public decision on how violators will be treated.
The marketplace also prohibits users from exchanging assets and only allows free transfers after the 180-day holding period has ended.
Chinese NFT marketplaces have begun implementing self-regulatory principles on their platforms as state-backed media outlets repeated warnings against speculation in the NFT market.
Chinese tech giants have pledged to eliminate speculation in their NFT markets, with AntChain, a subsidiary of Alibaba, implementing a 180-day transfer lock on its platform, while Tencent has imposed a total ban on secondary transfers.