Weibo launches NFT marketplace

The giant Chinese social media platform unveiled TopHolder just recently.

Weibo launches NFT marketplace

Weibo, the giant Chinese social media platform unveiled TopHolder just recently.

The site, often compared to U.S.-based Twitter, is introducing an interesting feature this year that allows users to sell their original tweets as NFTs.

According to Weibo, users will be required to pass internal KYC checks before gaining access to the new feature, and will be penalized if plagiarism is detected.

To date, no decision has been made regarding how defaulters will be punished.

TopHolder has also prohibited users from flipping assets. As an alternative, a 180-day holding period is followed by free transfers.

As a result of state-backed media warnings against the NFT hype, Chinese NFT marketplaces have implemented self-regulatory guidelines on their platforms.

The Chinese Supreme People's Procuratorate has warned of "severe punishment" if financial crimes such as illegal fundraising and money laundering are committed in the name of metaverse, NFT, or cryptocurrency projects.

Tech giants in China responded by implementing 180-day transfer locks on their platforms and banning secondary transfers altogether. Antchain, in particular, imposed a 180-day transfer lock on its platform.

In response to criticism from multiple Chinese state media agencies, Tencent rebranded its NFT features as "digital collectibles."

NFTs and the metaverse are not banned in China, unlike cryptocurrencies, which have been heavily scrutinized and banned.