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 , allowing users to mint their original posts into NFTs and sell them.
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 us 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.