Weibo Launches NFT Marketplace TopHolder

Weibo, a Chinese social network with 249 mln daily active users, on Thursday unveiled its TopHolder non-fungible token (NFT) marketplace, allowing users to create and sell NFTs of their original posts.

Before minting and selling NFTs on TopHolder, users must pass an internal KYC verification process. In the event that NFTs are proven to be plagiarized from other users, the participants will be punished. According to a representative of the trading platform, it has not yet been decided what penalties will be applied to violators.

Users are also prohibited from flipping assets on the marketplace, and free transfers are only allowed after a 180-day holding period. Chinese NFT marketplaces have begun introducing self-regulatory restrictions on their platforms. For example, AntChain, a subsidiary of Alibaba, has introduced a 180-day NFT transfer block on its network.

Image: Arover